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.
Saudi Central Bank (SAMA)
Reference No.: 42052701 Date: 1442/07/27 Attachments: None
Circular
Addressees: Gentlemen, Peace, mercy, and blessings of God be upon you.
Subject: Emphasizing the Necessity of Banknote Verification.
In continuation of previous instructions issued by the Saudi Central Bank to commercial banks and exchange centers regarding security integrity across various aspects, and given the importance of verifying the authenticity of currencies circulating in the Kingdom, as well as the active role of banks and exchange centers in preventing counterfeit banknotes from entering the Kingdom.
We aim to enhance banknote verification procedures and emphasize that all relevant parties exercise utmost care in verifying their authenticity, promptly reporting any suspected banknotes to the security authorities, and notifying the Saudi Central Bank thereof.
Yours sincerely, DEPUTY GOVERNOR FOR SUPERVISION Fahd bin Ibrahim Al-Shamri
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
- Exchange centers operating in the Kingdom.
P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 P.O. Box: 2992, Riyadh 11169 Kingdom of Saudi Arabia Tel: +966 11 463 3000