Ministry of Commerce & Investment, Capital Market Authority and Saudi Arabian Monetary Agency Reiterate their Warning of Dealing with Suspicious Websites, Calling for Investment and Trading in Securities

26 Nov 2017
The Ministry of Commerce and Investment, the Capital Market Authority and the Saudi Arabian Monetary Agency have reiterated the warning against dealing with suspicious websites or individuals calling for investment and trading in securities, without licenses from the competent authorities, including the Forex Activity, asserting taking the legal procedures against the websites or individuals who promote For such activities.

The abovementioned authorities draw the attention of those dealing with securities and the public in general to abstain from dealing with suspicious websites, whose activities may involve irregular transactions. These suspicious websites promote investment opportunities on line and through the social media, and give promises of fast profit and quick wealth. This may expose many people to fraud, manipulation and losses.

Based on the Rules & Regulations governing such activities, and in accordance with the statutory competencies of both the Capital Market Authority and SAMA, and for raising the public awareness and warning them of such suspicious transactions and activities, the aforementioned authorities emphasize and stress the need to exercise the utmost caution of dealing with such suspicious websites, calling for investment, or inviting the people to deal with securities or foreign currencies. Also to abstain dealing with any persons, institutions, companies, establishments or any websites (including social media), without ascertaining their legality and making sure that they have got the necessary licenses or approvals from the Competent authorities in the Kingdom of Saudi Arabia.

Lists of persons and institutions licensed to practice such trade activities can be found on Saudi Arabian Monetary Agency website (​) and the Capital Market Authority website (

In this regard, the Capital Market Authority has confirmed that it has been dealing with the suspicious sites, such as (Forex) through three tracks. 

First: to raise the public awareness of the irregularity of such sites and the risk of dealing or investing with them. Notably, SAMA and CMA are endeavoring to confront and eradicate such illegal activities. The two authorities had launched Awareness Campaigns to warn against dealing with such unlicensed and suspicious sites.

Second: Coordination with the competent government authorities to eliminate such phenomenon, by not giving any license to the sites or companies dealing with FOREX, besides preventing them of making any advertisement or sponsoring any occasions or events in the Kingdom.

Third: Calling the persons to whom these illegal activities and investment are offered, to inform the Capital Market Authority about that immediately, so that the necessary legal procedures can be taken in cooperation with the relevant authorities.

The Capital Market Authority (CMA) has pointed out that a number of suspicious websites have been closed in coordination with the relevant authorities. However, due to the ease of establishing new sites, CMA asserts and confirms that the best way to eliminate and eradicate such phenomenon is to raise awareness about the risks of dealing with such suspicious sites. In this regard, and for attaining this goal, CMA is working and coordinating with SAMA and the Ministry of Commerce and Investment.

Last Modified 26 Dec 2018