Regulatory Alerts2016-05-29
Recommendations on the Cash Transport System
The Saudi Central Bank issued a circular mandating strict operational and security reforms for banks and licensed cash-in-transit companies handling cash, precious metals, and valuable documents. The directive requires the complete separation of armored transport crews from ATM replenishment teams, the adoption of high-security tracking and self-destruct containers, and the implementation of rigorous background checks using national credit databases for all personnel. Additionally, financial institutions must enhance internal oversight, report compliance procedures within two weeks, and prepare for the establishment of unified cash centers operated by licensed local processors.
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