Regulatory Alerts2017-07-03
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.
Share