Saudi Arabia set rules to streamline working of forex offices

Saudi Arabia set rules to streamline working of forex offices

Saudi Arabia set rules to streamline working of forex offices Forex offices in the Kingdom are banned from doing any other business not approved by SAMA    An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes. Forex offices are banned from doing any other business not approved by SAMA including managing banking accounts, issuing letters of guarantee, accepting deposits, or practicing speculation in currency, metals and stocks.Their responsibilities include commitment to instructions against money laundering and terror funding, risk management and exposing dubious and fraudulent dealings. Regulations for forex trade also require compliance with rules of employing Saudi nationals and setting up an administrative structure.The forex businesses have to put in place an appropriate work system protecting