Based on paragraph (c) of Article 15 of the Rules Governing Money Changing Business-1432 issued by the Minister of Finance's Resolution No. 1357 dated 01/05/1432H, which grants SAMA the authority to issue any instructions deemed necessary to implement supervisory and regulatory requirements for money exchange operations.

In line with SAMA’s continuous efforts to develop the money exchange sector in the Kingdom and update certain procedures related to the transaction of money exchange institutions and companies, SAMA wishes to emphasize full compliance with the provisions of the rules governing money changing business, as well as all related laws and instructions, and adherence to the following:

1. Retention of CCTV surveillance recordings for a minimum of one year (12 months).
    
2. Allowing customers (account holders), after verifying the necessary legal documents, to obtain account statements detailing executed transactions upon request.
    
3. Retaining all documents and records related to customer transactions (whether originals or copies) in a secure place for at least ten years from the date of the transaction, with electronic archiving for easy access when needed.
    
4. Recording the residential or national address upon establishing the relationship.
    
5. Prohibiting the deletion of any transaction or account, ensuring that all details remain accessible through the automated system.
    
6. Establishing business continuity plans and ensuring the readiness of backup sites (Disaster Recovery), with periodic effectiveness testing to ensure the plan can be executed without difficulties, to maintain efficient and effective transactions.

SAMA emphasizes that money exchange companies and institutions must immediately begin taking the necessary measures to ensure full compliance with the provisions of this circular within four months. SAMA will take all legal actions against non-compliant  money exchange companies and institutions that fail to meet the requirements outlined in this circular.