ECONOMY

Report: SAMA, American Express ban money transfers to Qatar’s beIN Sports

The Saudi Arabian Monetary Agency (SAMA) and American Express Saudi Arabia have banned money transfers to Qatar’s beIN Sports. (File photo: Reuters)

The Saudi Arabian Monetary Agency (SAMA) and American Express Saudi Arabia have banned money transfers to Qatar’s beIN Sports, Saudi Al-Jazeera daily reported on Wednesday, citing informed sources.

A source said SAMA has decided to stop and prevent financial transactions through all means of payment - be it credit cards, payment cards, transfer - to the beIN company in Saudi Arabia for the issuance or renewal of subscription of the channels’ services.

The source, whose identity remained unknown, said this includes individual customers, entities, agents, distributors and others. The new regulation prevents direct payment to the channel itself or to its bank accounts, including indirect fees paid through intermediary accounts or through accounts of others, both within Saudi Arabia or outside.

SAMA also stressed the need for banks to monitor all the attempts to pay and transfer money to beIN and report it to the institution’s General Directorate of Banking Supervision.

The Qatar-based beIN Sports Network is facing a real crisis after the loss of major commentators who ended their contracts with the network after major Arab countries cut off political, diplomatic and economic ties with Doha over its funding of terrorism.

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Last Update: Wednesday, 5 July 2017 KSA 17:21 - GMT 14:21
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