Effective from 2021-06-30 - Oct 09 2020 To view other versions open the versions tab on the right
SAMA shall issue licenses for conducting Money Changing Business. The scope of which shall be limited to:
a.
Purchase, sale and trading of foreign currencies inside the Kingdom.
b.
Import and export of currencies for Money Changers that are companies or branches of a foreign money changer, provided that a license is obtained for the purchase, sale and trading of foreign currencies inside the Kingdom.
c.
Any other activities as may be determined from time to time by SAMA, taking into account other activities that are limited to banks.
Carrying on money transfers inside and outside the Kingdom shall be permitted to the holders of valid licenses from SAMA at the time of the issuance of these Rules. The holders of these licenses are not allowed to open new branches to practice this activity.
