Regulatory Alerts2016-02-23
Adoption of ATM's Electronic Journals
The Saudi Arabian Monetary Authority (SAMA) has issued a circular approving the adoption of electronic journal outputs (Electronic Data Capture) for ATMs in place of traditional paper journals. Banks may utilize these electronic records for transaction reconciliation and customer dispute resolution, provided they maintain reliable access to the data. The Authority explicitly states that financial institutions will bear full liability for any customer claims or complaints if they fail to retrieve transaction records from either electronic or paper logs.
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