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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Head Office
Banking Policies Department Ref. No.: .................................... Attachments: .................................
Circular
Ref. No.: 361000012427 Date: 24/01/1436 AH Attachments: .................................
Subject: Discontinuation of the Cash Return Feature on ATMs
Dear Sir/Madam,
Peace, mercy, and blessings of Allah be upon you,
With reference to the Cash Return feature (Time-out Cash retract) on ATMs, which returns the dispensed amount to the ATM if it is not collected by the customer.
We inform you that, due to the emergence of several drawbacks associated with this feature, banks are required to discontinue the service effective January 1, 2015.
Yours sincerely,
Abdulaziz bin Abdulrahman Al-Halissi Deputy Governor for Supervision
Distribution Scope:
- Relevant Head Office departments.
- One copy to all banks operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Tel: 4633000 - Fax: 4662414