Minimum Requirements for Money Exchange premises
No: 41041392 Date(g): 6/2/2020 | Date(h): 12/6/1441 Status: In-Force Translated Document
Based on paragraph (c) of Article 15 of the Rules Governing Money Changing Business issued by Ministerial Decision No. 1357 dated 1/5/1432H,
Attached are the minimum requirements that must be met at the locations of exchange centers for operating purposes and for rectifying and qualifying the premises within one year from the date of this notice.
These requirements aim to facilitate those interested in working in the exchange business by informing them of the minimum necessary conditions before starting to set up the premises.
First: The General Location of the Exchange Center
- Main commercial street.
- Within a shopping center.
- Inside airport lounges or border checkpoints.
- A sketch of the site, its area, and its height.
- Obtaining a no-objection from the central bank* is required before renting the premises.
The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding 26/11/2020G.
- Main commercial street.
Second: The Minimum Area Requirements for Premises
- Main Premises the area must be at least 64 square meters, with a setback of at least 5 meters from the entrance separating the staff counter from the customers. Exceptions apply to main premises within the central area of the Holy Mosques, where the area must be at least 36 square meters, with a setback of at least 3 meters from the entrance.
Branches Inside and outside the central area of the Holy Mosques, the area must be at least 36 square meters, with a setback of at least 3 meters from the entrance.
• Airports and border crossing points are exempt from these requirements, according to the conditions set by the relevant authorities.
- Main Premises the area must be at least 64 square meters, with a setback of at least 5 meters from the entrance separating the staff counter from the customers. Exceptions apply to main premises within the central area of the Holy Mosques, where the area must be at least 36 square meters, with a setback of at least 3 meters from the entrance.
Third: Architectural Designs
- Provide a 3D architectural design from an accredited engineering office in the Kingdom, including a visualization of the premises, internal layout, external façade, and compliance with the requirements outlined in the Financial Sector Security and Safety Guidelines in the Kingdom, as well as any other requirements from relevant authorities.
Supervision of the implementation must be carried out by the designing engineering office.
• It is required to obtain a no-objection certificate from SAMA before proceeding with the implementation.
- Provide a 3D architectural design from an accredited engineering office in the Kingdom, including a visualization of the premises, internal layout, external façade, and compliance with the requirements outlined in the Financial Sector Security and Safety Guidelines in the Kingdom, as well as any other requirements from relevant authorities.
Fourth: Required Equipment
- Wall coverings with modern designs that align with the activity.
- Designate a window for serving women.
- Provide all requirements for people with disabilities.
- Set up a customer waiting area with air conditioning.
- Prominently display instructions for customers to count their money before leaving, obtain receipts, and information about business hours. Additionally, include the location address on Google Maps.
- Implement a mechanism for receiving complaints and evaluating customer satisfaction.
- Install glass doors for the external entrance of the premises.
- The signage for the premises must reflect the actual activity of the center, and the center’s name must match the commercial name as per the registration and license sign.
- Insure all premises' assets against fire and theft with a licensed insurance provider in the Kingdom.
- Subscribe to a national address specific to the center's location.
- Standardize the identity of the branches to match the design of the main center.
- Wall coverings with modern designs that align with the activity.
Fifth: Technical Requirements
- Implement an automated system for performing accounting, financial, and supervisory operations, and for preparing reports and financial statements. The system should allow direct linkage between branches and comply with anti-money laundering law, including integration with international sanctions lists in both Arabic and English.
- Provide modern cash counting and sorting machines capable of detecting counterfeit currency.
- Install a screen to display notifications of all circulating currencies, connected to the automated system.
- Supply high-quality printers and scanners in sufficient quantity for the number of employees.
- Maintain a backup of data and automated systems outside the premises (backup hard-disk) in a secure location protected from theft or damage. Ensure that external parties (such as service providers) do not have access to the data or the ability to create copies.
- Install appropriate protection software for computer systems.
- Implement a digital system for organizing customers and managing the flow at service counters.
- Create an official email address in the name of the center.
- Implement an automated system for performing accounting, financial, and supervisory operations, and for preparing reports and financial statements. The system should allow direct linkage between branches and comply with anti-money laundering law, including integration with international sanctions lists in both Arabic and English.