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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Banking Policies Department
Ref. No.: .................................... Date: 16/05/1437 Attachments: ....................................
Ref. No.: 371000056489 Corresponding Date: ....................................
Circular
Dear Sir/Madam,
Greetings,
Subject: Adoption of Electronic Journal Outputs from ATMs.
With reference to the discussions held by the Banking Operations Directors Committee (BOOC) regarding the request to eliminate the paper journal feature from ATMs and adopt electronic journals.
We hereby inform you that the Authority has no objection to banks wishing to adopt electronic journal outputs (Electronic Data Capture) for reviewing customer claims and complaints, and for reconciling and settling ATM transactions, instead of paper journals. Please note that in the event of customer claims or complaints arising, and if the bank is unable to obtain a record of the transaction from either the electronic or paper journal, the bank shall bear all resulting liabilities.
Yours sincerely,
Tariq bin Abdulrahman Al-Sedhan Deputy Governor for Supervision
Note: Distribution Scope:
- Banks operating in the Kingdom.
- Headquarters Departments (Banking Execution, Payment Systems, Banking Supervision, Customer Protection, Currency, Legal)