Riyadh — The Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA) have warned investors against dealing with suspicious websites that may practice illegal activities.
Such suspicious websites promote, through advertisements posted on the Internet and in social media, investment opportunities and promise financial gains and fast income, the Saudi central bank said in a statement posted on its website on Monday.
SAMA and CMA urged 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 their legality, license and approvals from the Saudi supervisory authorities to exercise such activities.”
Lists of licensed persons and financial institutions can be found on SAMA's website (www.sama.gov.sa) and CMA's website (www.cma.org.sa).
