Educating Customers About the Risks of Carrying Large Sums of Cash
| No: 269480000067 | Date(g): 6/1/2019 | Date(h): 29/4/1440 | Status: In-Force |
Translated Document
In reference to SAMA Circular No. 3293/MAT/27 dated 14/02/1422 H and Circular No. 26029/MAT/313 dated 11/10/1425 H regarding educating bank customers about handling cash, we would like to inform you that SAMA continues to receive reports from relevant authorities in the Kingdom about the exposure of some bank customers to theft due to carrying large sums of cash.
Given the risks associated with carrying large sums of cash, which can lead to various crimes that may negatively impact the security and economic reputation of the country, it is essential to activate the aforementioned SAMA circulars, educate the customers about the dangers of carrying large sums of cash and urge to use various electronic services when dealing with cash, while also clarifying that there are safe ways to carry large sums of cash represented in the use of licensed companies and institutions for transporting cash and precious metals.