Exchange Companies Are Not Allowed To Deposit Cash At Banks

Local banks have recently refused to accept deposit cash from exchange companies, leaving the latter unsure how to dispose of the cash collected at a time when banks have become strict in accepting cash into their banking systems from these companies, escalating a dispute with regulatory authorities in particular.

According to Al-Rai, the exchange companies were surprised by their inability to deposit cash, and after speaking with the bank's concerned parties, it was discovered that receiving any cash from exchange companies was prohibited, as part of the bank's precautionary measures against money laundering and terrorism financing.

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