Saudi suspends activities of three exchange houses

The three have been told to correct their activities or face legal action



The Saudi Arabian Monetary Authority (SAMA) has suspended the activities of three exchange houses in breach of regulatory requirements.

Mohammed Hassan Bitar and Sons Exchange Foundation, the Salah al – Din Kaki Exchange Foundation and Avi Awad Al Harbi Exchange will be unable to conduct money exchange activities until the suspension is lifted.

“SAMA said in a statement that the decisions were made in view of the non-compliance of these enterprises with the regulatory requirements issued by the monetary authority under the rules governing the conduct of exchange business,” according to Saudi Press Agency.

The Ministry of Finance issued new exchange rules around seven years ago.

SAMA said the three organisations had been issued “several previous warnings” to correct their activities.

The suspension will not be lifted until the authority is satisfied that they comply with regulatory standards.

SAMA said it no corrective action is taken it will take “additional legal measures”.