Section 6: Data and Reports
Article 28: External Auditor
a. Each Money Changer must appoint a licensed external auditor to examine the financial statements, audit and review its accounts, and evaluate internal control systems, provided that the total period of the auditor's appointment does not exceed five continuous years.
b. If the Money Changer fails to assign an auditor within a period of three months from the beginning of the Financial Year, SAMA may appoint an external auditor at the expense of the Money Changer.
c. In addition to the auditor that the Money Changer is required to appoint pursuant to Paragraph (a) of this Article, SAMA may, if it deems it necessary, appoint another external auditor at the expense of the Money Changer to audit and review the accounts of the Money Changer or evaluate its internal control systems. SAMA shall specify the duration of the work and the fees of the auditor.
Article 29: Periodical Statements
a. The Money Changer must provide SAMA with periodical data that have information on the Money Changer’s business, including, but not limited to, the following:
1. data on the location and geographical coordinates of the head office and branches;
2. a list of names, job titles and contact numbers of senior position holders; and
3. a list containing staff data.
b. The Money Changer shall update the data provided to SAMA if a change occurs in the information referred to in Paragraph (a) of this Article.
Article 30: Annual Reporting
The Money Changer shall provide SAMA with an approved annual report that includes information about its business as well as the following information, at a minimum:
a. nature, value, volume and geographical distribution of operations or transactions;
b. fraud, burglary and theft incidents; and
c. customer complaints, their nature and number, and the remedial measures taken to address them.
Article 31: Preparing Reports
The Money Changer shall maintain accounting records in which its transactions are registered promptly according to SAMA's specification. The Money Changer shall follow the accounting standards applied in Saudi Arabia. Moreover, the Money Changer must provide SAMA, upon its request and at the times it specifies, with data or reports including the following:
a. The financial statements that are reviewed by the external auditor every three months starting from the beginning of the Financial Year.
b. Audited final accounts including the external auditor’s report, provided that the report includes any observations on such statements and the extent of their conformity with applicable laws and standards.
c. A report on the evaluation of internal control systems, including any observations regarding compliance with the provisions of these Rules.
d. A monthly statement of foreign currency sales and purchases according to the form specified by SAMA.
e. A monthly report on currency import and export operations for those that are licensed to practice such activity.
f. Data on outgoing and incoming remittances and purpose thereof on a monthly basis according to the format specified by SAMA.