Saudi Arabian Monetary Authority Stops Activities of Al-Amoudi Exchange
Saudi Gazette report
— The Saudi Arabian Monetary Authority (SMA) has stopped currency exchange house Saleh Hussain Al-Amoudi Sons Co.
from conducting business for violations.
suspension will not be lifted before the company corrects these conditions and is in full compliance with regulatory requirements,Saudi Arabian Monetary Authority said on its website.
The central bank in September suspended three currency exchange houses from making money transfers.
In September, Saudi Arabian Monetary Authority said that it has suspended the activities of the three currency exchange houses for the violation of rules prescribed by it and also emphasized that suspension will be lifted only when errant exchange houses rectify their status by complying with regulations.
the currency exchange houses fail to comply with regulations and correct their status,
Saudi government say, until the further legal measures will be taken , Saudi Arabian Monetary Authority said on its website at that time.
There are four licensed currency exchangers in class “A” group in Kingdom.
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