The Central Bank of Syria has begun a second phase of joint enforcement with the Ministry of Interior against unlicensed currency exchange and money transfer activities, following an initial phase of warnings. Inspections resulted in the detention of individuals who continued operating without a license and had not regularized their status despite those warnings. Authorities documented the violations and secured funds seized in connection with the unauthorized activities. Investigations are continuing in preparation for referring the offenders to the competent judicial authorities. Operators must cease unlicensed activities and comply with applicable legislation and regulatory requirements or face legal action and penalties.
Central Bank of Syria begins second phase of enforcement against unlicensed currency exchange and money transfers
The Central Bank of Syria has begun a second phase of enforcement with the Ministry of Interior against unlicensed currency exchange and money transfer activities, following an initial warning phase. Individuals who continued operating without a license were detained, and funds linked to the unauthorized activities were seized. Investigations are continuing ahead of referral to the competent judicial authorities.