Banks may issue smart cards to be used for cash deposit through the ATMs of the issuing bank. Such cards shall use PIN. The following controls shall be applied:
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| | 1. | The purpose of deposit shall be identified.
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| | 2. | The cash deposit cards shall be issued to a selected category of customers (companies and establishments) determined by the bank according to its risk assessment.
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| | 3. | The business of such customers shall include sales or collections representatives. The bank shall be responsible for obtaining from such customers and checking the necessary documents proving their lines of business. The number of representatives shall be consistent with the entity’s business and size.
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| | 4. | Such accounts shall be subject to constant monitoring by the compliance officer at the bank according to risk assessment. The monitoring process aims to ensure that the deposit transactions agree with the customer’s business. Through reports of internal audit and monitoring process, the bank can prevent any suspicious financial transactions.
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| | 5. | The cash deposit card(s) shall be restricted to a single account. In case of multiple accounts for a company, the bank may, at the request of the customer, issue one cash deposit card or more for each account. The cash deposit card shall be used for its associated account only.
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| | 6. | The cash deposit card service shall be provided upon an official request from the person authorized to manage the account or from the authorized person in the entity.
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| | 7. | The cash deposit card shall be issued only to the representatives of the entity upon presenting valid IDs. The entity’s representative shall present his/her ID to the bank in person. If he/she is an expatriate, he/she shall be subject to expatriate authorization provisions. If he/she is Saudi, he/she shall present his/her employment card or an employment letter from the entity for which he/she works.
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| | 8. | The cash deposit card shall be issued in the names of the entity and the representative who will use the card (...Company/representative’s name). Personal photo of the representative shall, as possible, be placed on the cash deposit card.
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| | 9. | The cash deposit card shall be valid for a period identical to the validity period of the ID or the entity’s documents, whichever expires first. However, the validity period of the cash deposit card shall not exceed two years.
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| | 10. | The bank shall obtain from both the entity and the cardholder a written undertaking that the card will be used only by the person to whom it is issued and only for cash deposits, but not for any other banking transactions.
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| | 11. | Each cash deposit card held by each representative shall have a unique PIN.
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| | 12. | The cash deposit card shall be used for deposits in the associated current account through the ATMs of the issuing bank only.
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| | 13. | The cash deposit card shall be subject to the same procedures applied to other cards in terms of technical (in relation to deposit transactions only) and security specifications.
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| | 14. | The cash deposit card shall not be used for deposits through the bank tellers.
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| | 15. | The cash deposit card shall be used for direct cash deposit with no need to use sealed envelopes.
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| | 16. | The cash deposit card and its associated PIN shall be delivered to the representative directly by the bank, and not through the entity.
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| | 17. | The bank shall set procedures to change the card’s PIN periodically pursuant to the nature of the entity, potential risks, and discretion of the departments of compliance and risk management at the bank.
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| | 18. | The bank shall, based on risk assessment in terms of customer’s activity and category, set a maximum limit for daily deposits for each account, taking into consideration the risks associated with carrying large amounts of cash.
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| | 19. | The bank shall obtain SAMA preliminary approval for providing such product (service).
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