Prohibition on Holding Multiple Positions at Different Exchange Centers and Emphasis on Saudization Requirements
| No: 44033454 | Date(g): 10/11/2022 | Date(h): 16/4/1444 | Status: In-Force |
Translated Document
Effective from 2022-11-10 - Nov 09 2022
To view other versions open the versions tab on the right
Based on the powers vested to SAMA under its law issued by Royal Decree No. (M/36) dated 11/04/1442 AH, and The rules regulating money changing business issued by Ministerial Decision No. (4686) dated 21/11/1441 AH, and referring to Paragraph (B) of Article (Fourteen) and Paragraph (B) of Article (Twenty-One) of the rules regulating money changing business, and in accordance with The requirements for appointments to senior positions in financial institutions under the supervision of SAMA, and The code of conduct and work ethics in financial institutions issued by SAMA.
Given the observations that some exchange center employees have been holding two positions simultaneously at more than one exchange center, in addition to non-compliance with SAMA's instructions regarding job localization, exchange centers are required to adhere to the following:
First: Employees of exchange centers must not hold two positions simultaneously at more than one exchange center. Exchange centers must ensure compliance with this requirement and take necessary corrective actions within a period not exceeding six months from the date of this notice and inform SAMA accordingly.
Second: Adhere to SAMA Circular No. (21755/41) dated 06/04/1440 AH, which restricts all operational roles to Saudi citizens, and refrain from applying to any other entity for permits to employ non-Saudis.
Please review and act in accordance with this notice from the date of issuance. Exchange centers are required to take the necessary regulatory actions to implement and comply with the provisions of this circular.