SBP Cancels License of Al-Hameed International Money Exchange Over Regulatory Violations
Karachi: The State Bank of Pakistan (SBP) has officially revoked the license of Al-Hameed International Money Exchange (Private) Limited under the provisions of the Foreign Exchange Regulations Act, 1947. In a statement issued on [insert date], the...
Karachi: The State Bank of Pakistan (SBP) has officially revoked the license of Al-Hameed International Money Exchange (Private) Limited under the provisions of the Foreign Exchange Regulations Act, 1947. In a statement issued on [insert date], the central bank cited multiple contraventions of applicable laws and SBP regulations as the basis for this decisive action. With the cancellation of its authorization, Al-Hameed International Money Exchange, including its head office and all branch outlets, is now barred from conducting any foreign exchange-related business activities, the SBP clarified. This move highlights theSBP’scommitment to ensuring strict adherence to regulatory frameworks and maintaining the integrity of Pakistan’s financial system.
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