Regulatory Alerts2021-03-11
Instructions on Banknote Authenticity Verification
The Saudi Central Bank (SAMA) has issued a circular requiring commercial banks and exchange centers operating in the Kingdom to enhance banknote verification procedures and exercise utmost care in authenticating circulating currency. These institutions must promptly report any suspected counterfeit notes to security authorities and formally notify SAMA of such occurrences. This directive reinforces existing security integrity measures by mandating strict verification protocols to prevent counterfeit banknotes from entering the national circulation.
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