Regulatory Alerts2018-08-15
Resuming Money Exchange Activities for Mohamed Hassan Bitar and Sons Exchange Company
The Saudi Arabian Monetary Authority has issued an urgent circular to resume money exchange activities for Mohamed Hassan Bitar and Sons Exchange Company following a temporary suspension. Financial institutions and category A and B exchange companies operating in the Kingdom are instructed to resume conducting transactions with the company while verifying its effective implementation of all relevant regulatory and supervisory controls. This directive applies to all domestic banks, exchange firms, and the Center of Excellence as part of ongoing banking supervision efforts.
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