The Bank of Syria issues 755 warnings to money exchangers in several governorates

The Central Bank of Syria announced that it had issued 755 warnings to stores and establishments that practice money exchange and money transfer activities without a license, during oversight tours it carried out in cooperation with the Ministry of Interior in several governorates, with the aim of controlling violations.

The bank said in a statement that the field tours targeted shops and establishments that practice exchange and money transfer activities, to verify the extent of their compliance with the approved legal controls, monitor violations, enhance compliance with the legislation regulating these activities, protect the rights of customers, and take the necessary measures against violators.

The bank explained that the warnings included the governorates of Damascus, the Damascus countryside, Aleppo, Latakia, Tartous, Homs, Hama, Daraa, Deir ez-Zor, Raqqa, and Idlib, noting that the tours monitored cases of money exchange being practiced without a license in a number of shops and establishments, in addition to internal money transfer offices that practice this activity without obtaining the necessary license, in addition to other violations that are subject to follow-up in accordance with the approved legal and procedural procedures, according to the Syrian news agency “SANA.”

The bank confirmed that these measures aim to regulate money exchange and money transfer activities, and ensure that they are practiced within legal and regulatory frameworks, which contributes to protecting customers from the risks of fraud, dealing in counterfeit currencies, or receiving incomplete amounts, as well as limiting the exploitation of unlicensed activities in illicit financial operations and enhancing control over the movement of funds.

The bank stressed the importance of dealing with licensed banking entities, as a guarantee of the safety of financial transactions and their subjection to approved legal and regulatory controls, stressing continued coordination with the Ministry of Interior and the concerned authorities to follow up on violations and take the necessary legal measures.