Regulatory Alerts2017-06-14
Cash Deposit for Class A Exchange Companies at SAMA Branches Directly
The Saudi Arabian Monetary Authority (SAMA) requires banks operating in the Kingdom to execute agreements with Class A exchange companies that authorize these firms to deposit cash directly at SAMA branches on the banks' behalf. These agreements must specify authorized representatives, mandate compliance with SAMA's cash deposit policy and money transport regulations, and establish clear liability for overages, shortages, or counterfeit currency. Furthermore, the directive mandates the issuance of bank-stamped identification cards for exchange companies and enforces precautionary import procedures to ensure fund integrity and valid foreign licenses.
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