Effective from 2020-10-10 - Oct 09 2020 To view other versions open the versions tab on the right
The Money Changer shall obtain SAMA’s non-objection prior to:
a.
Opening a branch or more to practice Money Changing Business, and in this case, the non-objection is limited to the Money Changers that take the form of a company or a branch of a foreign money changer.
b.
Owning or renting a head office to conduct Money Changing Business.
c.
Relocating or closing the head office, one of the branches or any other platform, provided that the application is submitted to SAMA at least thirty (30) days before the set date. After obtaining SAMA’s non-objection, the Money Changer must make an announcement regarding the relocation or closing of the head office, branch or platform for the public to see it clearly at all times.
d.
Making any change in the structure or ownership of the capital.
e.
Making any amendment to the Money Changer’s memorandum of association or articles of association for the Money Changers that take the form of a company.
