Regulatory Alerts2009-06-13
The Process of Counting and Sorting Bank Deposits of Unfit One Riyal Denomination
The Saudi Arabian Monetary Authority (SAMA) mandates that banks conduct 100 percent counting, sorting, and inspection of imported one-riyal banknotes to enforce standardized screening protocols. When timely SAMA branch inspections are delayed for increased volumes of unfit currency, banks must perform full counting alongside a 30 percent sample inspection, triggering automatic fines of three times the face value for subsequently identified non-conforming notes. This framework automatically applies surplus and shortage restrictions to all one-riyal imports, thereby standardizing penalty assessments across SAMA branches.
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