Compliance with Regulations and Instructions on Cash Movement and the Security Safety Manual

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority
Head Office
Banking Supervision Department
Ref. No.: 361000156181
Date: 1436/12/25
Attachments:

Circular to All Money Exchange Companies and Institutions in the Kingdom

Dear Sirs,

Peace, mercy, and blessings of Allah be upon you,

Subject: Necessity of Compliance with Regulations and Instructions Regarding the Movement of Cash, and the Security Safety Manual

Further to the Authority's Circular No. 15475/M.A.T/306 dated 1428/4/12H regarding the regulation of cash movement for local banks and money exchange offices, Circular No. 49302/M.A.T/940 dated 1428/12/22H attached with the Regulation on Practicing Cash and Precious Metals Transport issued by Royal Decree No. M/81 dated 1428/10/18H, and Circular No. 3202/M.A.T/52 dated 1424/02/03H attached with the Security Safety Manual.

And since the Authority has noted that some money exchange companies and institutions have failed to comply with the issued regulations and instructions concerning the movement of cash and the aforementioned Security Safety Manual, the Authority hereby emphasizes the necessity of strict compliance with the provisions of those regulations and instructions. Furthermore, any entity proven to transport cash in an unauthorized manner or to receive transferred funds from other money exchange companies or institutions in an unauthorized manner shall be subject to the regulatory penalties stipulated in the Banking Control System issued by Royal Decree No. M/5 dated 1386/02/22H.

We hope for your compliance with this directive and its implementation accordingly.

Yours sincerely,

Osama bin Mohammed Shaker
General Manager of Banking Supervision

P.O. Box 2992, Riyadh 11169, Central Telegraph, Telex: 404400, Tel: 4633000, Fax: 4662119