Regulatory Alerts2019-05-13
Adherence to Regulations and Instructions on Cash Movement and Security Safety
The Saudi Central Bank reiterates mandatory compliance with all existing regulations, instructions, and the Security Safety Guide governing cash movement and vehicle specifications for transporting cash and high-value items exceeding SAR 200,000. The directive explicitly warns that any individual proven to transport or receive funds through unauthorized channels will be subject to strict regulatory penalties. All exchange centers operating within the Kingdom are directed to immediately review and adhere to these established security and operational requirements.
Saudi Central Bank Headquarters
Exchange Centers Supervision Department No.: 55896 / 67 Date: 1440/09/08 AH Attachments: None
Circular
Dear Sir,
Greetings,
Subject: Necessity of Adherence to Regulations and Instructions Regarding Cash Movement and the Security Safety Guide.
Further to Circular No. 381000101035 dated 1438/10/09 AH regarding contracting with cash-in-transit companies and using high-specification security bags, Circular No. 361000156181 dated 1436/12/25 AH regarding the necessity of adhering to regulations and instructions on cash movement and the security safety guide, Circular No. 15475/EC/306 dated 1428/04/12 AH regarding regulating cash movement for local banks and exchange centers, and Circular No. 49302/EC/940 dated 1428/12/22 AH, which includes the Royal Decree No. M/81 dated 1428/10/18 AH on the Regulations for Carrying Out Cash and Precious Metals Transport,
the Bank hereby emphasizes the necessity of reviewing and complying with the aforementioned regulations and instructions, as well as the provisions of the Security Safety Guide and the requirements for vehicles transporting cash and high-value items exceeding SAR 200,000. Any individual proven to transport funds or receive transferred cash in an unauthorized manner will be subject to applicable regulatory penalties.
Accept my regards and appreciation,,,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- All exchange centers operating in the Kingdom.