Effective from 2021-06-30 - Oct 09 2020 To view other versions open the versions tab on the right
The Money Changer shall not conduct any unlicensed activity. The Money Changer is prohibited, without limitation, from practicing any of the following:
a.
Practicing any other commercial business not approved by SAMA under its capacity and commercial register that was issued for the purpose of conducting Money Changing Business.
b.
Opening current, investment, savings accounts or any other accounts for its customers or employees.
c.
Issuing letters of guarantees or opening letters of credit or collaterals in any form whatsoever inside and outside the Kingdom.
d.
Renting safe deposit lockers.
e.
Having an overdraft in its accounts abroad under any circumstances except for cases resulting from the difference in due payment.
f.
Accepting deposits or trusts in any form whatsoever whether in cash or in kind.
g.
Extending credit, managing a loan or participating in one of such practices or submitting its assets as a collateral.
h.
Speculation in foreign currencies, precious metals, stocks, goods, commodities and the like.
