Damascus, Oct. 15 (SANA) Syria’s central bank will begin taking legal action against unlicensed currency exchange and money transfer operators on Sunday, Oct. 18, without prior notice, ending the period in which violators were warned to regularize their status.
The Central Bank of Syria said on Thursday that judicial police, working with the Interior Ministry, would document violations across all Syrian provinces and refer cases to the competent courts in accordance with applicable law.
No further warnings or grace periods
The measures will apply to all operators conducting currency exchange or money transfer activities without a license, including those who have already received written warnings and those who have not. No further warnings or additional deadlines will be granted, the bank said.
The bank stressed that such activities require proper authorization from the Central Bank of Syria. Operating without a license exposes violators to legal accountability and penalties under Article 25 of Law No. 24 of 2006, as amended.
755 warnings issued
On Oct. 10, the central bank said it had issued 755 warnings to shops and businesses conducting currency exchange and money transfer activities without licenses. The notices followed inspections carried out with the Interior Ministry in several provinces to identify violations.
The bank urged businesses covered by the announcement to comply with the law and refrain from conducting exchange or money transfer activities without authorization.
It also called on citizens to use only licensed companies and offices to protect their funds and rights and reduce the risks of fraud and illegal financial activity.
R.H.M.F
