Mechanism for the Entry and Exit of Saudi and Foreign Currency via King Fahd Causeway

In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters

Currency Department
Ref: 371000035276
Date: 1437/03/24 AH
Attachments: 3 pages

Circular
Subject: Mechanism for the Entry and Exit of Saudi and Foreign Currency via King Fahd Causeway

Dear Sir/Madam,
Peace, mercy, and blessings of God be upon you,

With reference to the agreement reached with the Customs Authority regarding the working mechanism for handling the entry and exit of Saudi and foreign currency via the King Fahd Causeway, please adhere to and implement the following:

First: Mechanism for the Entry and Exit of Saudi Currency via King Fahd Causeway

The currently approved mechanism for Saudi currency, agreed upon between the General Customs Authority and SAMA in the joint coordination and cooperation minutes dated 1435/4/10 AH, shall continue to apply. Customs officers at the King Fahd Causeway shall seal the incoming Saudi currency destined for banks and exchange companies, and then forward it to the SAMA Dammam Branch for inspection, as follows:

1. The Financial Declaration Form for Cash Amounts (Entry) shall be completed electronically via the electronic declaration system, indicating the number of incoming containers or parcels, their seal serial numbers, and the total amount sent.
2. The Financial Declaration Form shall be faxed from the King Fahd Causeway Customs to the SAMA Dammam Branch, and a copy shall be handed to the bank representative or exchange company.

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P.O. Box 2992 Riyadh 11169 Tel +966 11 4633000 Fax +966 11 4662980 Email: currency@sama.gov.sa

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In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters

Currency Department
Ref: 371000035276
Date: 1437/03/24 AH
Attachments: 3 pages

3. Upon deposit at the SAMA branch, the Treasury Department at the Dammam Branch shall verify the information from the King Fahd Causeway Customs letter regarding the number of parcels and customs seal numbers. The cash amounts in the parcels will then be reviewed and accepted conditionally pending counting, where they will be kept separately with the accompanying Customs letter until counted and verified for integrity.
4. The SAMA Dammam Branch shall notify the King Fahd Causeway Customs in writing in case of any irregularity, such as a discrepancy between the declared amount and the delivered amount, currency integrity issues, failure of the funds to arrive as per the Customs letter faxed to the branch, or delay in delivering the funds to SAMA.

Additionally, the SAMA branch shall provide a letter to the King Fahd Causeway Customs when local banks request to export financial amounts abroad after sealing them in a container or parcel, specifying the amount and seal numbers. A copy shall be faxed simultaneously to the King Fahd Causeway Customs and provided to the bank representative.

Second: Mechanism for the Entry and Exit of Foreign Currency via King Fahd Causeway

Upon completion of the approved immediate clearance procedures at the King Fahd Causeway Customs, the following shall apply:

1. Gulf vehicles loaded with foreign currency shall be sealed with a metal seal by the customs officer.
2. A letter shall be issued by the King Fahd Causeway Customs addressed to the SAMA Dammam Branch, with a copy to the benefiting bank or exchange company.
3. Vehicles shall be allowed to depart to bank-owned cash centers and exchange shops. If armored, prior approval from the General Customs Authority is required due to their registered entry status.
4. In the event counterfeit currency is discovered, the SAMA Dammam Branch shall be notified, which will in turn inform the King Fahd Causeway Customs and return the counterfeit amounts to Customs to take regulatory action.

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P.O. Box 2992 Riyadh 11169 Tel +966 11 4633000 Fax +966 11 4662980 Email: currency@sama.gov.sa

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In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters

Currency Department
Ref: 371000035276
Date: 1437/03/24 AH
Attachments: 3 pages

5. The SAMA Dammam Branch shall be notified, which will formally inform the King Fahd Causeway Customs in writing in case of any irregularity, such as a discrepancy between the declared and delivered amounts, currency integrity issues, failure of funds to arrive as per the faxed Customs letter, delay in receipt, or any other reasons.

Third: Regulations for the Entry of Gulf Cash-in-Transit Vehicles into Saudi Arabia

1. Gulf vehicles for transporting foreign currency intended for entry into the Kingdom must meet the same technical specifications for vehicle armoring as specified in the Executive Regulations issued by Ministerial Decision No. (4814) dated 1433/10/9 AH, pertaining to the system for transporting funds, precious metals, and valuable documents, issued by Royal Decree No. (M/81) dated 1428/10/18 AH.
2. Importing entities for Saudi and foreign currency (banks/exchange shops) must dispatch an armed security escort vehicle to accompany the Gulf foreign currency transport vehicle. The entity operating the escort vehicle must be licensed to conduct cash and precious metals transport activities, and must wait for the foreign currency transport vehicles outside the customs perimeter to escort them.

Yours sincerely,

[Signature]
Hashem bin Uthaim Al-Haqeel
Deputy Governor for Banking Operations

Distribution List:

• All banks and exchange companies operating in the Kingdom
• Supervision Agency
• SAMA Dammam Branch
• Headquarters Departments (Currency Department, Banking Policies Department, Counterfeit Detection Center)

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P.O. Box 2992 Riyadh 11169 Tel +966 11 4633000 Fax +966 11 4662980 Email: currency@sama.gov.sa