Regulatory Alerts1998-06-08
SAMA Circular on Internal Controls for ATMs and POSs
The Saudi Arabian Monetary Authority issued this circular to strengthen internal controls over ATMs and POSs in response to rising customer complaints regarding missing funds. The directive mandates daily cash inventories, mandatory use of standardized balancing sheets, and immediate settlement of cash surpluses found in machines without requiring client requests. Additionally, banks are required to conduct monthly surprise audits, maintain dual control over treasury secrets, appoint liaison officers, and ensure issuing banks promptly resolve reverse transaction claims to enhance public confidence.
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