Regulatory Alerts2022-03-06
Circular Regarding Requirements for ATM Receipts Initiative
The Saudi Central Bank (SAMA) has issued a circular requiring all banks operating in the Kingdom and members of the Saudi Payments network to implement the "ATM Receipts Initiative" by June 30, 2022. This initiative, developed by Saudi Payments, aims to reduce the demand for paper receipts in ATM transactions by unifying screen workflows across all ATMs. It introduces new processes for cash withdrawals and non-cash transactions, where receipts are no longer automatically printed but remain available upon customer request, thereby enhancing user experience, data privacy, cost efficiency, and environmental preservation.
Share