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Educating Consumers 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

Effective from 2019-01-06 - Jan 05 2019
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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 instances of theft involving some bank customers due to carrying large amounts 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. Customers must be made aware of the dangers of carrying large amounts of cash and encouraged to use various electronic services for cash transactions. Additionally, it should be emphasized that there are safe methods for carrying large sums of cash, such as utilizing licensed companies and institutions for transporting cash and precious metals.