Regulatory Alerts2019-09-12
Mechanism for Compensating Damaged Cash Marked with Security Inks
The Saudi Central Bank issues this circular to establish the controls and procedures for compensating Saudi currency damaged by technical or human errors and marked with security inks. Beneficiary entities, including banks, money changers, and cash-in-transit companies, are mandated to use approved security containers, train staff to detect marked notes, and strictly prohibit their circulation or deposit. The document outlines compensation request forms, declares that intentional damage or negligence will result in denied compensation and operational cost liability, and specifies that violations will incur fines under the Banking Control Law.
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