Prohibition on Dealing with Non-Saudi Representatives of Private Security and Cash Transport Companies

In the Name of Allah, the Most Gracious, the Most Merciful Saudi Central Bank Headquarters

Banking Policy Department
Ref. No.: ........................
Date: 381000026439
Attachments: 1438/03/08

Circular

To: His Excellency / ....................................................................................
Greetings,

Subject: Prohibition on Dealing with Non-Saudi Representatives of Private Security and Cash Transport Companies.

In light of information indicating that some non-Saudi representatives of private security and cash transport companies are negotiating with local banks and financial institutions regarding the provision of security guard or cash transport services.

The Authority emphasizes to all banks and financial institutions that they must not deal with any non-Saudi representative of these companies and institutions, and must report to the competent regional police department the company or institution employing such a non-Saudi representative to take regulatory action against them. The Authority further emphasizes strict compliance with all issued regulations regarding the Private Civil Security Guard System and its Executive Regulations, as well as the Cash and Precious Metals and Valuable Documents Transport System and its Executive Regulations.

For your information and necessary action,

Yours sincerely,

[Signature]
Ahmed bin Abdullah Al Sheikh
Deputy Governor for Supervision

Distribution Scope:

• All banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Telegram: Markazi, Telex: 404400, Tel: 4633000, Fax: 4662414