Regulatory Alerts2008-09-06
Safety of Cash in ATMs
The Saudi Arabian Monetary Authority mandates all local banks to ensure the safety and quality of cash in their automated teller machines by implementing five key operational measures. These requirements include deploying and regularly verifying cash counting equipment, adhering to prior inspection circulars before ATM replenishment, enhancing teller awareness of banknote security features, conducting dual-supervised cash loading under CCTV with at least six months of footage retention, and maintaining active bank management oversight of armored car services. The Authority further requires local banks to submit a detailed compliance report within three months of the circular's issuance.
Share