SAMA and Capital Market Authority Warn Against Dealing with Suspicious Websites Promoting Investment Opportunities

Riyadh, Rabi’I 20, 1438, December 19, 2016, SPA — Saudi Arabian Monetary Authority (SAMA) and Capital Market Authority (CMA) have warned investors in securities and the public against dealing with suspicious websites that may practice illegal activities. Such suspicious websites promote, through advertisements posted on the Internet and in social media, for investment opportunities and promise financial gains and fast wealth, which may expose persons to fraud and deceit and lead to significant financial losses.
Pursuant to SAMA Charter issued under royal decree No. 23 dated 23/5/1377H and the Capital Market Law issued under royal decree No. M/30 dated 2/6/1424H, according to the powers entrusted to both SAMA and CMA, and in light of these supervisory authorities’ keenness to raise awareness and warn against such suspicious acts and activities; SAMA and CMA urge all to exercise extreme caution and vigilance and refrain from investing, contributing, dealing or trading in any amounts in any activity involving securities or foreign currency transactions with any persons, institutions, firms, entities or websites (including social media accounts) without ensuring they are legal and licensed or have the approvals necessary from the Saudi supervisory authorities to exercise such activities.
–SPA
13:23 LOCAL TIME 10:23 GMT