Regulatory Alerts2017-07-03
Added · Updated
Contract with Cash Transfer Companies and Using High-Specification Security Bags
The Saudi Central Bank (SAMA) mandates that all major companies and commercial establishments in the Kingdom contract exclusively with licensed cash transfer companies and utilize SAMA-approved high-specification security bags for cash transportation. This directive enforces updated security standards, including the use of containers with automatic tracking and self-destruct capabilities, replacing previous fabric containers. SAMA will conduct field inspections to verify compliance and will impose penalties on any entities that fail to adhere to these strict operational controls.
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