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  • 5) Security Systems and Anti-Counterfeiting Devices

    • 5-2) Counterfeit Currency

      All money exchange centers must implement precautionary measures for handling both local and foreign currencies by:

      1. Acquiring currency counting machines with specifications capable of detecting counterfeit money.
      2. Developing and training employees who handle cash directly through organizing counterfeit detection courses to enhance their efficiency.
      3. Obtaining foreign currencies from reliable sources.
      4. Promptly reporting to security authorities and notifying SAMA upon discovering counterfeit currency.
      5. Complying with instructions issued by relevant security authorities regarding handling counterfeit currency.
    • 5-3) Insurance on Cash

      1. Money exchange centers must maintain insurance with a licensed insurance provider in the Kingdom, covering operational risks such as embezzlement, theft, counterfeiting, burglary, fire, etc.
      2. The insurance must cover all properties belonging to the money exchange center, including cash, transferable financial instruments, foreign currencies, traveler's cheques, and bank cheques.
      3. The insurance coverage should be proportionate to the amount of cash held and the financial transactions conducted, including buying and selling foreign currencies, money transfers, and cash transportation.