The Saudi Arabian Monetary Authority (“SAMA”) initiated the “Remittance Centers Project” at the end of 2016. The Project’s objective is to review the remittances environment and identify areas of improvement, with a particular focus on the centers’ working hours, pricing and service quality, as well as the technology utilization and electronic channels. The project will be completed by the end of 2017. 

Following the successful experience of using the Saudi Post offices as a network for offering remittance services, SAMA is currently looking to promote similar experience through the deployment of Agent Banking. The Agent Banking proposition will seek to address both the competitiveness and the accessibility of remittance transfers to all relevant geographical areas. 

The AML/CFT guidelines will be updated according to legislation to provide better clarity to remittance service providers with regard to their regulatory compliance commitment (e.g. account opening requirements). 

The outcome of financial surveys undertaken by the Kingdom of Saudi Arabia (KSA) will be used to continue the enhancement of financial literacy through targeted initiatives. 

KSA is also considering the establishment of a remittance price database. Different measures to increase cost transparency will be studied, including the consideration for the establishment of a remittance price database.