Effective from 2020-10-10 - Oct 09 2020 To view other versions open the versions tab on the right
The Money Changer shall, at all times, comply with the following:
a.
The capital must not be lower than the following:
1.
Two million (2,000,000) riyals for paid-up capital.
2.
Seven million (7,000,000) riyals for paid-up capital for Money Changers licensed to import and export cash.
3.
Ten million (10,000,000) riyals for paid-up capital for Money Changers licensed to transfer money inside and outside the Kingdom.
4.
The Invested Capital of the branches of foreign money changers shall be determined by SAMA.
SAMA may amend the capital requirements whenever it deems appropriate.
b.
Maintain at all times a minimum cash reserve of 5 percent of its capital (10 percent for Money Changers licensed to conduct money transfer activity). SAMA may amend this percentage whenever it deems necessary. The reserve shall be deposited with one of the licensed banks in the Kingdom to be at SAMA's disposal. The Money Changer or any other entity shall not be allowed to use this reserve in any manner without a written permission from SAMA. The reserve shall be subject to the constraints and instructions issued by SAMA.
c.
The total value of assets should not exceed ten times the capital. SAMA may amend this limit whenever it deems appropriate.
d.
Obtain SAMA’s prior non-objection according to the conditions before offering its shares for public subscription.
