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.
In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters
Banking Supervision Department Ref: 42406/SAMA/547 Attachments: -
To the Esteemed Bank,
Date: 7 Ramadan 1429 Corresponding to: 7 - SEP 2008 (Circular)
Peace, mercy of Allah and His blessings be upon you:
Subject: Safety of Cash in ATMs
Based on the Authority's commitment and role in ensuring the safety of circulating currency, and banks' responsibility for cash in ATMs, the Authority emphasizes to all local banks the need for adequate attention to the safety of cash in their bank-owned ATMs, and compliance with the following:
First: Providing the necessary cash counting and inspection machines in cash centers, and periodically verifying the efficiency of these machines and their proper configuration (programming).
Second: Complying with the provisions of the Authority's circulars No. 23782/SAMA/251 dated 14/9/1414 AH, No. 422/SAMA/T dated 8/11/1413 AH, and No. 241/1/SAMA/21 dated 21/10/1413 AH regarding cash inspection and ensuring its safety and quality before feeding it into ATMs.
Third: Enhancing bank tellers' awareness of banknotes and their embedded security features, and providing all necessary equipment to verify the safety of banknotes in circulation.
Fourth: ATM cash box replenishment shall be conducted under dual supervision and CCTV cameras with recording capabilities, retaining the recorded footage for at least six months to allow reference when needed.
Fifth: Bank management shall supervise, monitor, and follow up on the cash replenishment process by armored car companies for ATMs, rather than leaving it solely to these companies.
The Authority emphasizes the importance of adhering to the above, and requests a report within three months from its date detailing the measures taken in this regard.
Yours sincerely,
Deputy Governor for Technical Affairs (Signature) Dr. Abdulrahman bin Abdullah Al-Humaidan
Distribution Scope:
- Local Banks
- Headquarters Departments
- Authority Branches