SAMA issues updated rules of money exchange

The Saudi Arabian Monetary Authority (SAMA) said the Minister of Finance approved the updated regulations of money exchange, the central bank said in a statement.

The new regulations contribute to achieving several targets, mainly expanding the scope of foreign exchange operations, facilitating the related services, enhancing financial inclusion, stimulating innovation and competition, in addition to deploying technology in the sector, and protecting customer rights.

Under this decision, money exchange institutions and companies are granted a grace period of one year from the date on which these regulations come into effect to adjust their status accordingly.

The updated rules allow more legal entities, other than partnerships and sole proprietorships, to practice this activity, so as to attract new investors.

They also regulated e-services, in line with digital transformation and diversification of customer options.