The State Bank of Pakistan (SBP) on Monday canceled the license of M/s Al-Hameed International Money Exchange (Private) Limited.
The decision was taken under the Foreign Exchange Regulations Act of 1947, citing violations of applicable laws and SBP’s regulations.
This is the third action against the company by SBP. Its authorization was first suspended for three months on October 24, 2017, and again on February 13, 2024.
With the cancellation, the company, including its head office and outlets, is now barred from conducting any foreign exchange-related business activities.
In a statement, the SBP said, “The cancellation of the license is part of our efforts to ensure compliance with foreign exchange regulations. Repeated violations leave no room for leniency.” The SBP has advised all concerned entities to comply with this decision.
