SAMA has urged that consumers review their dealings with the company
Correction: An earlier version of this story incorrectly mentioned Saudi Arabian billionaire Mohammed Ali Al-Amoudi. Mohammed Ali Al-Amoudi is not connected to Saeed Mohammed Ali Al-Amoudi & Co and the article has been updated accordingly.
The Saudi Arabian Monetary Authority (SAMA) has announced a reversal of a 1999 decision to allow funds to be transferred in and out of the kingdom to Saeed Mohammed Ali Al-Amoudi & Co because of violations of anti-money laundering laws and other crimes, SAMA has announced.
In a statement, SAMA said that the decision is based on the firm’s “violations of anti-money laundering law and its executive regulations, anti-terrorism crimes and financing regulations and its executive regulations, anti-money laundering and terrorism financing rules and rules governing the conduct of money exchange activates.”
SAMA has urged that consumers review their dealings with the company. In cases in which the company does not respond, SAMA has asked that consumers file a complaint within a three-month period.