SAMA Cancels the License of Mohamed Mounir Halawani Sons Exchange Company

الاثنين 1440/7/11 هـ الموافق 2019/03/18 م واس


Riyadh, March 18, 2019, SPA --The Saudi Arabian Monetary Authority (SAMA) would like to announce the issuance of its decision dated 11/7/1440H corresponding to 18/3/2019 cancelling the license granted by SAMA to Mohamed Munir Halawani Sons, Exchange Company to carry out exchange business. This comes following SAMA’s Statement issued on 25/9/2017 regarding the suspension of fund transfer activity for several money changing business including Mohamed Mounir Halawani Sons Exchange Company.
The decision is based on the powers granted to SAMA under the provisions of the Anti-Money Laundering Law, Terrorist Crimes and their Financing Law and the Rules Regulating Money Changing Business in order to protect the financial sector and ensure the compliance of all financial institutions with all regulatory requirements. The cancellation of the license 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 and other requirements then follow-up visits were conducted to ensure that the corrective action plan was carried out to rectify the deficiencies identified, and a number of meetings were held with the Company’s Senior and Executive Management. In the end, SAMA did not find the Company able to address all identified AML/CFT deficiencies.
SAMA calls upon all customers with existing claims to visit the Company. In case of no response, please contact SAMA’s Consumer Protection Department at
www.samacares.sa
or at the toll-free number (8001256666) within three months from the date of this announcement.
--SPA
15:59 LOCAL TIME 12:59 GMT
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