Regulatory Alerts1998-06-08
Added · Updated
SAMA Circular on Internal Controls for ATMs and POSs
Banks operating in the Kingdom must conduct daily physical inventories of all ATMs and use the specified SAMA ATM Balancing Sheet signed by the teller and approved by the section head or cashier. Cash surpluses resulting from technical issues must be paid to clients immediately without request, and all client claims must be settled within one week, with bank-to-bank claims settled via CAPS within the same period. Banks are required to appoint a liaison officer for ATM and POS cases, submitting their contact details to SAMA within one week, and must ensure ATM treasury and secret numbers are under dual control. Additionally, internal auditors must perform monthly surprise inventory checks, and the card-issuing bank must pay reverse claims caused by insufficient balances without requiring a POS receipt.
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