Effective from 2020-10-10 - Oct 09 2020 To view other versions open the versions tab on the right
The Money Changer shall maintain accounting records in which its transactions are registered promptly according to SAMA's specification. The Money Changer shall follow the accounting standards applied in Saudi Arabia. Moreover, the Money Changer must provide SAMA, upon its request and at the times it specifies, with data or reports including the following:
a.
The financial statements that are reviewed by the external auditor every three months starting from the beginning of the Financial Year.
b.
Audited final accounts including the external auditor’s report, provided that the report includes any observations on such statements and the extent of their conformity with applicable laws and standards.
c.
A report on the evaluation of internal control systems, including any observations regarding compliance with the provisions of these Rules.
d.
A monthly statement of foreign currency sales and purchases according to the form specified by SAMA.
e.
A monthly report on currency import and export operations for those that are licensed to practice such activity.
f.
Data on outgoing and incoming remittances and purpose thereof on a monthly basis according to the format specified by SAMA.
