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In accordance with article 11 and article 12 of Rules Regulating Money Changing business,
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.
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.
