DAMMAM, 25 August 2003 — With the Kingdom’s first anti-money laundering law now in place, business experts and expatriates are urging the government to regulate banks and money changers.
Suggestions include setting up a body similar to the Consumer Protection Council to protect the interests of bank and money exchange customers and monitor their services.
There are 10 national banks with hundreds of branches operating in the Kingdom. There are also over a dozen money exchange businesses which specifically cater for the money transfers of expatriates.
Though the banks have advanced technologically over the years, people in general and businessmen in particular say that much needs to be done about services, which often lack professionalism. Last week, Eastern Province businessmen urged national banks to lower their commission rates on loans. They contend that the whole banking environment needs overhauling.
Opening times are another contentious issue. Banks in the Eastern Province start their second shift at 4.30 p.m. while elsewhere it starts at 5 p.m. Many people favor one-session banking. “Why not open at 8 in the morning and continue until Asr prayer?” asked the chairman of a large corporation in Dammam on condition of anonymity.
“Our opening times and Thursdays and Fridays off give us in effect only three days for transactions with international banks, which is ridiculous,” he said. “We are all set to be part of the World Trade Organization (WTO) and are players in the global market. We ought to have more banking time,” he added.
Expatriates have their own complaints. Their prime concern is with the different exchange rates offered by banks and money exchanges and sometimes very poor services with no accountability. They say that the Saudi Arabian Monetary Agency should regulate exchange rates and make sure that banks and money changers adhere to them.
