Regulatory Alerts2016-12-07
Prohibition on Dealing with Non-Saudi Representatives of Private Security and Cash Transport Companies
The Saudi Central Bank has issued a circular prohibiting all local banks and financial institutions from engaging with non-Saudi representatives of private security and cash transport companies. Banks are required to immediately report any such non-Saudi representatives to the competent regional police department to facilitate regulatory enforcement against their employing companies. The directive further mandates strict adherence to the existing Private Civil Security Guard System and its Executive Regulations, alongside the Cash and Precious Metals and Valuable Documents Transport System and its Executive Regulations.
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