The Bank of Syria announces new measures against violators in the exchange sector

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The Central Bank of Syria announced the end of the phase of issuing warnings regarding violations of the law for practicing the professions of money exchange and money transfers, and the start of enforcing the legislation and taking legal measures against violators, as of October 18, without prior warning.

The Syrian Central Bank said on Thursday that this announcement comes as a continuation of the efforts of the bank and the Ministry of Interior to control and regulate money exchange and money transfer activities, and to enhance compliance with the legislation and controls regulating them.

He stressed that the judicial police, in coordination with the Ministry of the Interior, will begin controlling violations related to practicing money exchange and money transfer activities without a license in all Syrian governorates, organizing the necessary seizures and referring them to the competent judiciary, according to the Syrian News Agency “SANA.”

Legal procedures, according to the Central Bank, include anyone who practices the professions of money exchange and money transfers without a license, whether or not they have previously been given written warnings to settle their situation, and without issuing any warnings or granting any new deadlines.

The bank stressed that practicing money exchange and money transfer activities requires obtaining a license from the Central Bank of Syria, and practicing these activities without a license exposes their perpetrators to accountability and penalties stipulated in the law.

The Central Bank of Syria called on the establishments concerned with this announcement to adhere to the legislation in force, and to refrain from practicing any exchange activity or money transfers without a license. It also called on citizens to deal exclusively with licensed companies and offices, in a way that contributes to protecting their money and rights, reducing the risks of fraud and illicit financial activities, and enhancing the safety of transactions in the banking and monetary sector.

On the 10th of this month, the Central Bank of Syria announced that it had issued 755 warnings to shops and establishments that practice money exchange and money transfer activities without a license, during monitoring rounds it carried out in cooperation with the Ministry of Interior in several governorates, with the aim of controlling violations.