SBP suspends authorisation of three exchange companies

AA Exchange Company, Galaxy Exchange Company and Al-Hameed International Money Exchange are prohibited to continue their business 

The State Bank of Pakistan (SBP) has suspended the authorisation of three exchange companies due to serious violations of SBP regulations and instructions. 

The affected companies include M/s AA Exchange Company (Pvt.) Limited, M/s Galaxy Exchange Company (Pvt.) Limited and M/s Al-Hameed International Money Exchange (Pvt.) Limited. 

This suspension means that these companies, along with their head offices and outlets, are prohibited from conducting any business activities until further notice, the SBP said in a statement.

The SBP’s action emphasizes its commitment to upholding regulatory standards within the financial sector. 

Earlier, the SBP on Monday revoked the authorisation/license of M/s PBS Exchange Company (Pvt.) Limited due to non-compliance with relevant laws and regulations.

2 COMMENTS

  1. Furthermore, your article emphasizes the need for transparency and accountability in financial institutions. It’s essential for exchange companies to operate ethically and responsibly to maintain trust and credibility. By shedding light on this issue, you’re not only keeping your readers informed but also prompting discussions on how to improve oversight and regulation in the financial sector. Keep up the great work in providing timely and relevant news updates!

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