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.
In the name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters
Banking Supervision Administration Ref. No.: 53957 / 41 Date: 1439/12/04 Attachments: None
(Circular / Urgent)
Your Excellency, ................................................................................................. Institution / Company Greetings,
Subject: Resuming Money Exchange Activities for Mohamed Hassan Bitar and Sons Exchange Company
Referring to the Authority's Circular No. 391000090425 dated 1439/08/23 AH regarding the decision to temporarily suspend Mohamed Hassan Bitar and Sons Exchange Company from conducting its business.
I wish to inform you that it has been decided to resume the business for the aforementioned institution; therefore, please take the necessary action regarding conducting transactions with them and verify their effective implementation of all relevant regulatory and supervisory controls.
Accept my regards,,,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
On behalf of / Ayman bin Mohammed Al-Sayari Deputy Governor for Investment
Distribution Scope:
- All banks and financial institutions operating in the Kingdom.
- All category A and B exchange companies/institutions operating in the Kingdom.
- Center of Excellence.
P.O. Box 2992, Riyadh 11169, Telegram: MCKZN, Telex: 404400, Tel: 4633000, Fax: 4662119