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.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Head Office
Banking Policies Department
No.: 26948/67 Date: 1440/04/30 Attachments: None
Circular
To: Respected
Peace, mercy, and blessings of God be upon you,
Subject: Educating Customers About the Risks of Carrying Large Sums of Cash.
Further to the Authority's Circulars No. 3293/M/AT/27 dated 14/02/1422H and No. 26029/M/AT/313 dated 11/10/1425H regarding the awareness of bank customers when dealing with cash, we would like to inform you that the Authority continues to receive reports from relevant entities in the Kingdom about some bank customers being robbed as a result of carrying large sums of cash.
Given that carrying large sums of cash is associated with numerous crimes, which may negatively impact the country's security and economic reputation, it is necessary to activate the aforementioned Authority circulars, educate customers about the risks of carrying large cash amounts, and encourage the use of various electronic services when dealing with cash. It should also be clarified that there are safe methods for carrying cash, which involve utilizing licensed companies and institutions for transporting cash and precious metals.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks/Commercial Banks operating in the Kingdom
P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Telex: 404400, Tel: 4633000, Fax: 4662414