The Central Bank of Syria, working with the Interior Ministry, conducted inspections of businesses providing foreign exchange and money transfer services across 10 governorates and issued 755 warnings for unlicensed activity. The inspections identified retailers and other businesses conducting foreign exchange without authorization, including domestic money transfer offices operating beyond the scope of their licenses. The enforcement action seeks to bring these activities within the licensing and supervisory framework and reduce risks including fraud, counterfeit currency, incomplete payments and the use of unauthorized providers for illicit financial transactions. The central bank and other authorities will continue following up on violations and taking legal action.
Central Bank of Syria issues 755 warnings over unlicensed foreign exchange and money transfer activities
The Central Bank of Syria and the Interior Ministry issued 755 warnings following inspections of unlicensed foreign exchange and money transfer activities across 10 governorates. Authorities will follow up on the violations and take legal action.