Based on the powers vested to SAMA under The law issued by Royal Decree No. (M/36) dated 11/04/1442 AH, and The rules regulating money changing business issued by the Minister of Finance Decision No. (4686) dated 21/11/1441 AH, and following Circular No. (35217/41) dated 06/06/1440 AH regarding the provision of annual and quarterly financial statements to SAMA, and annual reports on internal control laws, and with reference to Paragraph (A-7) of Article (Fourteen) and Paragraph (C) of Article (Thirty-First) of the rules regulating money changing business .

In light of the observations regarding the application of the aforementioned regulations, and within the framework of SAMA’s ongoing efforts to develop the money exchange sector in the Kingdom, money exchange centers are required to comply with the following:

1. In accordance with Paragraph (A/7) of Article (Fourteen) of the rules, an independent periodic assessment must be conducted—at least annually—to evaluate the operations of the money exchange center, including its automated systems, and the center’s adherence to its internal policies and procedures, with the assessment completed by the end of July each calendar year.
2. Compliance with Paragraph (C) of Article (Thirty-First) of the rules, which requires the external auditor to evaluate the internal control systems, and the report should include any observations regarding the center’s adherence to the rules regulating the  money exchanging business.

Please be informed and act accordingly, with acknowledgment of receipt within one week from the date of this notice. SAMA will take all necessary regulatory actions against money exchange centers that violate the provisions of this circular.