Recommendations on the Cash Transport System

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank
Headquarters

Currency Department

Ref: 9041044111
Date: 1437/08/22 AH
Attachments: Circular

Circular

Subject: Recommendations on the Cash Transport System

To Whom It May Concern,

Greetings,

With reference to the telegram from His Royal Highness the Crown Prince, Deputy Prime Minister, and Minister of Interior (may God protect him), No. 126563 dated 1437/05/14 AH, which approved the results of the security committee formed by (Public Security, the Ministry of Finance, and the Saudi Central Bank) to review and update the necessary standards and conditions, and to impose precise and strict controls for conducting the activity of transporting cash, precious metals, and valuable documents, thereby obligating all companies operating in this field to comply with them.

Accordingly, the committee concluded with a number of recommendations pertaining to banks and cash-in-transit companies, as follows:

1- Obliging banks and financial institutions to strengthen oversight of the performance of contracted companies within cash centers, and to adhere to the specific procedures and mechanisms for cash receipt and delivery, and to impose necessary penalties on non-compliant banks.

2- Separating the tasks and responsibilities related to cash transport from those related to ATM replenishment:

• Companies must be emphasized to comply with the systems and regulations specified for the transport vehicle crew used in cash transport activities, consisting of three individuals (driver, guard, escort), with two individuals (escort and guard) equipped with the necessary firearms.

• In the event the transport vehicle is used for ATM replenishment activities, the replenishment team consisting of two individuals (replenishment supervisor, replenisher) must in no case be present with the armored vehicle crew. Instead, they must use a separate civilian vehicle bearing the company logo, accompanying the armored vehicle along its route, making the ATM replenishment team consist of five individuals (three inside the armored vehicle, and two in the civilian vehicle).

• Replenishment boxes for ATMs must be filled and placed inside designated containers, and sealed by an independent team belonging to the cash transport company under dual supervision and CCTV cameras within cash centers. The replenishment team's role shall be limited to transporting the cash containers for the ATMs and replenishing the machines according to a route provided to them at the beginning of the workday.

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

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank
Headquarters

Currency Department

Ref:
Date: / / 143 AH

• An independent team (from the bank or company) inside the cash center shall be responsible for recounting and reconciling the machines with the cash returned from the machines according to ATM meter readings and the bank's system.

3- Adopting the use of high-specification containers for cash transport, as practiced in developed countries, which allow for automatic tracking and self-destruction of cash in case the proposed route is changed, instead of the current fabric containers.

4- Utilizing credit information from (Smeat) to access the credit records of individuals applying for positions at cash transport companies and other official sources to evaluate the suitability of employees in this field.

5- Providing the Authority with the procedures and mechanisms followed by the bank to monitor the performance of contracted companies for cash transport and ATM replenishment, doubling supervision and oversight over the movement of cash, precious metals, and valuable document transport vehicles, monitoring the time allocated for cash transport and ATM replenishment to and from bank headquarters, as well as the rotation mechanism for cash center, cash transport, and ATM replenishment staff, and working on developing training programs to enhance the performance and efficiency of employees in contracted companies and banks.

Therefore, we wish to direct the immediate implementation of the aforementioned recommendations and to report back to us within two weeks from the date hereof. Please note that arrangements are underway to permit licensed cash transport companies to establish their own cash processing units to serve the ATMs of all contracted banks, following the acquisition of necessary licenses from the Saudi Central Bank and the Ministry of Interior, according to unified standards, procedures, and security requirements. The license granted for operating cash processing units shall be valid for a maximum of three years, renewable, in order to raise the service level and prepare local companies to manage and operate the unified cash centers to be established by the Saudi Central Bank.

Accept our regards,

Abdulaziz bin Saleh Al-Faraih
Deputy Governor

Distribution Scope:

• Banks and financial institutions operating in the Kingdom

• Licensed cash transport companies

• Saudi Central Bank branches

• His Excellency the Deputy Governor for Banking Operations (Respected)

• His Excellency the Deputy Governor for Supervision (Respected)

• Headquarters Departments (General Legal Affairs Department - Center of Excellence - Banking Policies Department - Payment Systems Department - Currency Department)

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