Saudi Arabia
Saudi: New Regulations Issued for Finance Companies
King Salman on Saturday issued a royal order instructing the Ministry of Justice to limit the practice of financial activity by unauthorized persons, according to the Finance Companies Control Law.
Article 4 of the Finance Companies Control Law states that no finance activities, may be engaged in without obtaining a license.
Any person violating any of the provisions of the law shall be subjected, depending on the gravity of the violation, to a fine not exceeding SR500,000 ($133,000) and imprisonment for a term not exceeding two years.
