Minimum Requirements for Exchange Centers

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority
Headquarters

Exchange Centers Supervision Department
Attachments: 3

Number: 41041392
Date: 1441/06/12
Attachments: None

Circular

To Our Respected Colleagues,

Peace, mercy, and blessings of Allah be upon you,

Subject: Minimum Requirements to be Met in Exchange Center Locations

Based on Paragraph (c) of Article Fifteen of the Regulations Governing the Conduct of Exchange Activities, issued by Ministerial Decision No. 1357 dated 1432/05/01H,

We hereby attach the Minimum Requirements to be Met in Exchange Center Locations for implementation. The location's status must be corrected and qualified within one year from the date of this circular.

Yours sincerely,
Al-Haili
Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:
Licensed Category (A, B) Exchange Companies and Institutions

P.O. Box 7992 Riyadh 11179 Phone: 011 4633000

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Minimum Requirements to be Met in Exchange Center Locations February 2020

Saudi Arabian Monetary Authority
Saudi Arabian Monetary Authority

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These requirements aim to facilitate operations for those wishing to work in the exchange sector by informing them of the minimum necessary conditions prior to commencing location preparation.

First: General Location for Exchange Activity Centers:

1. A main commercial street.
2. Within a shopping mall/commercial center.
3. Inside airport terminals or border crossings.
4. A site sketch showing its area and height.

• The Authority's no-objection must be obtained before leasing the location.

Second: Minimum Area Requirements for Locations:

1. Main locations must have an area of no less than (64 m²), with a setback from the entrance of at least (5 meters)
   separating employee and customer counters. Main locations within the Central Area of the Two Holy Mosques are exempted, requiring an area of no less than (36 m²) with a setback from the entrance of at least (3 meters).
2. Branches within and outside the Central Area of the Two Holy Mosques: (36 m²) with a setback from the entrance of at
   least (3 meters).

• Airports and border crossings are exempted, subject to the relevant authority's conditions.

Third: Engineering Designs:

1. Submission of a three-dimensional (3D) engineering design from one of the Kingdom's approved engineering offices, including
   a concept for the location and its internal/external layouts, compliant with the requirements of the Financial Sector Security and Safety Guide in the Kingdom, as well as any other requirements from relevant authorities.
2. Implementation supervision must be conducted by the designing engineering office.

• The Authority's no-objection on this must be obtained prior to implementation.

Fourth: Required Equipment and Furnishings:

1. Interior wall cladding with modern decorations compatible with the business activity.
2. Dedicated service counters for women.
3. Provision of all facilities for persons with special needs.
4. Air-conditioned waiting area specifically for customers.

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5. Clear signage for customers regarding the necessity of counting money before departure and obtaining receipts.
6. Operating hours, with the location address required to be listed on the (Google Maps) application.
7. A mechanism for receiving complaints and ensuring customer satisfaction.
8. Glass facade for the external doors of the location.
9. The location sign must reflect the center's actual activity, and the center's name must match the commercial name
   according to the registration and license plate.
10. Insurance for all location assets against fire and theft with one of the licensed insurance providers in the Kingdom.
11. Adherence to a national address specific to the center's location.
12. Standardization of branch identity, ensuring compatibility with the main center's design.

Fifth: Technical Requirements:

1. Implementation of an automated system to conduct accounting, financial, and supervisory operations, prepare reports
   and financial statements, with direct connectivity between branches. It must also apply Anti-Money Laundering (AML) requirements and connect with international sanctions lists in both Arabic and English.
2. Provision of modern devices for counting, sorting, and detecting counterfeit currency.
3. Installation of a screen displaying prices for all circulating currencies, linked to the automated system.
4. Provision of high-quality printers and scanners in numbers matching the number of exchange staff devices.
5. Existence of a backup hard-disk for data and automated systems located outside the premises in a secure place free from
   theft or damage, ensuring that external parties (such as service providers) cannot access or copy the data.
6. Availability of appropriate protection software for computer devices.
7. A digital system to organize customers and determine exchange window routes.
8. Establishment of an official email address in the center's name.

• End of Requirements -