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.
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In the name of Allah, the Most Gracious, the Most Merciful Saudi Central Bank Headquarters
Currency Department
Ref: 381000101035 Date: 1438/10/09 Attachments:
Circular
Subject: Contracting with Cash Transfer Companies and Using High-Specification Security Bags.
Dear Sir, Peace, mercy, and blessings of Allah be upon you,
With reference to the telegram from His Royal Highness the Crown Prince, Deputy Prime Minister, and Minister of Interior "may Allah protect him" No. 225703 dated 1438/08/28H, regarding the recommendations of the Crime Research Center to mandate major companies and commercial establishments to contract with cash transfer companies and use high-specification security bags, and to the Bank's Circular No. 371000093183 dated 1437/08/22H, which is based on the telegram from His Royal Highness the Crown Prince, Deputy Prime Minister, and Minister of Interior "may Allah protect him" No. 126563 dated 1437/05/14H regarding the approval of the results of the security committee formed by (Public Security, Ministry of Finance, and Saudi Central Bank) to review and update the necessary standards and conditions and impose precise and strict controls for practicing the activity of transporting cash, precious metals, and valuable documents, thereby mandating all companies operating in this field to comply with them, which included the approval of using containers for cash transport that enable automatic tracking and self-destruction of cash in case the proposed route changes, instead of the current fabric containers.
Accordingly, compliance with the implementation of the aforementioned instructions is required, and cash funds for major companies and commercial establishments shall not be transported except through licensed cash transfer companies, and using security bags approved by the Bank. Please be informed that the Bank will conduct field visits to verify the implementation of these recommendations and impose penalties on violators.
Yours faithfully,
Hashem bin Othman Al-Haqeel Deputy Governor for Banking Operations
Distribution Scope:
- Banks, commercial banks, and exchange companies operating in the Kingdom
- Cash transfer companies operating in the Kingdom
- Companies licensed to operate unified cash centers in the Kingdom
- General Directorate of Legal Affairs
- Currency Department