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| 15 November, 2017

Saudi Arabia's SAMA stops activities of Al-Amoudi Exchange

Image used for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

Image used for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

REUTERS/Faisal Al Nasser

Saudi Arabian Monetary Authority has stopped currency exchange house Saleh Hussain Al-Amoudi Sons Co. from conducting business for violations.

RIYADH — The Saudi Arabian Monetary Authority (SMA) has stopped currency exchange house Saleh Hussain Al-Amoudi Sons Co. from conducting business for violations.

“The Authority asserts that the suspension will not be lifted until the company corrects these conditions and is in full compliance with regulatory requirements,” SAMA said on its website.

The central bank in September suspended three currency exchange houses from making money transfers.

In September, SAMA said that it has suspended the activities of the three currency exchange houses for the violation of rules prescribed by it and also emphasized that suspension will be lifted only when errant exchange houses rectify their status by complying with regulations.

If the currency exchange houses fail to comply with regulations and correct their status, further legal measures will be taken, SAMA said on its website at that time.

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There are four licensed currency exchangers in class “A” group in the Kingdom.

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