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| 13 November, 2017

Saudi's Saleh Al-Amoudi currency exchange suspended from trade- c.bank

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

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

REUTERS/Faisal Al Nasser

Saudi Arabia's central bank said on Monday it had stopped currency exchange house Saleh Hussain al-Amoudi Sons Co from conducting business.

Saudi Arabia's central bank said on Monday it had stopped currency exchange house Saleh Hussain al-Amoudi Sons Co from conducting business for violations related to suspected money laundering.

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

"The Authority asserts that the suspension will not be lifted until the company corrects these conditions and is in full compliance with regulatory requirements," the Saudi Arabian Monetary Authority (SAMA) said on its website, referring to the implementation of anti-money laundering and counter-terrorism measures.

(Reporting by Noah Browning; writing by Saeed Azhar; editing by Jason Neely) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))