Regulatory Alerts2014-11-16
Time Out Cash Retract on ATMs
The Saudi Arabian Monetary Authority mandates that all banks operating in the Kingdom discontinue the Time-out Cash Retract feature on ATMs, which automatically returns uncollected dispensed cash to the machine. This directive takes effect on January 1, 2015, following the identification of multiple operational drawbacks and security risks associated with the functionality. Banks must ensure complete removal of the service from their ATM networks by the specified deadline to comply with regulatory standards.
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