This follows the suspension of fund transfer activities for money exchanging businesses including Mohamed Mounir Halawani Sons Exchange Company in September 2017.
Sunday 24, March 2019 BY KUDAKWASHE MUZORIWA
The Saudi Arabian Monetary Authority (SAMA) has cancelled Mohamed Munir Halawani Sons, Exchange Company’s licence.
In a statement, SAMA stated that the decision is based on the regulator’s anti-money laundering law (AML), terrorist crimes and their financing law as well as rules regulating money changing business in order to protect the financial sector and ensure the compliance of all financial institutions with all regulatory requirements.
Additionally, the regulator said that the cancellation of the licence came after several measures were taken over the last period as several inspection visits were carried out to verify the compliance with the AML/CFT regulatory requirements.