The Saudi Central Bank has revoked the license of Mohammed Hamoud Alshareef Establishment to conduct money exchange business in Saudi Arabia. The decision removes the establishment's authorization to operate in the local money changing market. The revocation was based on paragraphs (a) and (b) of Article 34 of the Rules Regulating Money Changing Business. Stakeholders with existing rights or claims were directed to refer to the establishment, while the central bank reiterated that customers should deal only with authorized financial institutions and verify their status through its website.
Saudi Arabian Monetary Authority2026-07-07
Saudi Central Bank revokes Mohammed Hamoud Alshareef Establishment money exchange license
The Saudi Central Bank revoked the money exchange license of Mohammed Hamoud Alshareef Establishment in Saudi Arabia. The decision was based on paragraphs (a) and (b) of Article 34 of the Rules Regulating Money Changing Business. The central bank also told stakeholders with claims to contact the establishment and urged customers to use only authorized financial institutions.