Regulatory Alerts2022-09-26
Provision of Point of Sale (POS) Services to Customers by Money Changers
The Saudi Central Bank has issued a circular requiring all licensed money changers in the Kingdom to provide and activate Point of Sale (POS) services for Mada card transactions, effective immediately. This directive implements a unified pricing model under Article 14 of the Money Changer Regulations to standardize customer services and enhance sector development. Non-compliance with these operational requirements will result in the Central Bank enforcing statutory penalties against affected institutions.
Saudi Central Bank
Reference No.: 44016668 Date: 1444/02/30 Attachments: None
Circular
To: Respected Sirs,
Peace be upon you,
Subject: Circular on Money Changers Providing Point of Sale (POS) Services to Customers.
Pursuant to paragraph (b) of Article 14 of the Regulations Governing Money Changer Activities issued by Minister of Finance Decision No. (4686) dated 1441/11/21 AH, and in the Central Bank's continuous efforts to develop the money changer sector in the Kingdom, a unified pricing model for Point of Sale (POS) services has been developed for transactions conducted via Mada cards at money changers.
Accordingly, we wish to confirm that all money changers shall provide and activate the Point of Sale (POS) service effective as of this date for customer benefit, and that non-compliance with systems and regulations will result in the Central Bank applying statutory penalties.
For information and necessary action.
Yours sincerely,
Yazeed bin Ahmed Al-Sheikh Deputy Governor for Supervision
Bin Suwaidan
Distribution Scope: Money Changer Institutions and Companies Operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Tel: +966 11 463 3000