Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Any natural or legal person shall be prohibited from the following:
1.
Practicing Money Changing Business in the Kingdom without a valid license issued by SAMA in accordance with the provisions of these Rules.
2.
Using the terms “money changer”, “money changing agent”, “currency exchanger” or any similar or synonymous expression in any language in its name, commercial address, papers, documents, advertisements or any other way that implies the practice of Money Changing Business without a license.
b.
As an exception to the provision of Paragraph (A/1) of this Article, licensed hotels, hotel apartments, and traveling agencies in the Kingdom may exchange currencies for their customers only, provided that such currencies are sold to a licensed bank or Money Changer, the provisions of the Anti-Money Laundering Law and its Implementing Regulations are complied with and the transactions are documented and archived.
