SBP cancels Al-Rahim Exchange Company’s licence over regulatory violations

The State Bank of Pakistan (SBP) has cancelled, with immediate effect, the authorisation of M/s Al-Rahim Exchange Company (Pvt.) Limited over serious violations of the central bank’s regulatory instructions.

According to an SBP statement issued on Monday, the cancellation applies to the exchange company’s head office as well as all its constituent branches.

Following the cancellation, Al-Rahim Exchange Company has been prohibited from undertaking any foreign exchange-related business activities in any capacity whatsoever.

The central bank did not provide further details about the nature of the regulatory violations.