Syria’s central bank said it would begin legal action against unlicensed currency-exchange and money-transfer operators on Sunday, October 18, ending a warning period for businesses to regularize their activities.
Judicial police will work with the Interior Ministry to record violations across the country and refer cases to the courts, SANA reported on Thursday, citing the bank.
The measures will cover operators whether or not they previously received a written warning. The bank said it would issue no further warnings or grace periods.
It cited penalties under Article 25 of Law No. 24 of 2006, as amended, and reiterated that exchange and transfer services require central-bank authorization.
The bank said on October 10 that inspections had resulted in 755 warnings to shops and businesses. It urged the public to use licensed providers to protect their funds and reduce exposure to fraud.
Source: SANA
Central Bank of Syria headquarters in Damascus. File photo: SANA.
