Regulatory Alerts2020-10-05
Added · Updated
License Cancellation of the Dabbous Al-Anzi Agency for Money Exchange
The Saudi Arabian Monetary Authority (SAMA) issued Decision No. 61 to cancel the Category B money exchange license of Mehna Dabbous Al-Anzi Agency, headquartered in Arar. Banks operating in the Kingdom are instructed to immediately cease currency buying and selling transactions with the agency, while permitting liquidation-related settlements for up to three months. Financial institutions must also implement appropriate precautionary measures and report their compliance actions to SAMA within one week of the circular's issuance.
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