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7-1) Employment

No: 361000067859 Date(g): 25/2/2015 | Date(h): 7/5/1436 Status: In-Force

Translated Document

Effective from 2015-02-25 - Feb 24 2015
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The exchange house must adhere to the instructions of the Saudi Arabian Monetary Authority, the Ministry of Labor, and other relevant supervisory and regulatory bodies regarding all regulations, instructions, and rules related to private sector employees as follows:

  1. Compliance with the requirements for hiring Saudi nationals and contracting with employment service companies outlined in the Saudi Arabian Monetary Authority Circular No. 341000068320 dated 1434/06/03. This includes ensuring job localization in compliance, anti-money laundering, remittances, cash handling, and security departments, in line with royal directives and instructions from relevant entities such as the Ministry of Interior, Ministry of Labor, and the Saudi Arabian Monetary Authority.
  2. Adherence to regulations regarding working hours, vacations, and official holidays, except for exchange houses operating within the boundaries of the Holy Mosques, which may follow specific working hours during Umrah and Hajj seasons.
  3. Compliance with Ministry of Labor regulations concerning labor laws and employee regulations.
  4. Adherence to the Saudi Arabian Monetary Authority's guidelines regarding the requirements for appointing leadership positions and criteria for employee selection.
  5. Provision of an organizational and job structure that includes all departments and positions, including senior positions, specifying the roles, duties, and responsibilities of each individual.
  6. Appointment of a manager for the exchange house who is academically and professionally qualified, has banking experience, possesses adequate financial and administrative expertise, has a good reputation, and has not been convicted of any crime affecting honor or morals.
  7. Submission of a semi-annual detailed report to the Saudi Arabian Monetary Authority regarding the number of Saudi employees, the rate of job localization, and the related plan (Appendix No. 5).