Cairo: Saudi authorities have approved a set of new rules for the operation of foreign exchange offices in the kingdom as part of efforts to fight money laundering and terror financing and protect customers’ rights, according to Okaz newspaper.
The rules include a ban on the forex business without a licence from the kingdom’s central bank, the Saudi Arabian Monetary Authority (SAMA). The licence is valid for five years and should be renewed six months before its expiry.
According to the new regulations that will take effect in a month’s time, hotels and authorized tourism offices are allowed to exchange foreign currencies that will have later to be sold to banks or licenced forex offices in line with anti-money laundering rules, the report said.
Forex offices are banned from doing any other business not approved by