Regulatory Alerts2019-01-06
Educating Customers About the Risks of Carrying Large Sums of Cash
The Saudi Arabian Monetary Authority mandates all operating banks to reinforce customer awareness regarding the security risks of carrying large cash amounts, citing ongoing robbery reports that threaten the Kingdom's economic and security reputation. The directive requires financial institutions to actively promote electronic payment alternatives and advise clients to utilize licensed cash-in-transit companies for secure transport of funds and precious metals. This circular reinforces previous SAMA directives from 1422H and 1425H to mitigate crime exposure and enhance overall financial safety practices.
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