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First: Mechanism for the Entry and Exit of Saudi Currency through King Fahd Causeway Customs

No: 371000035276 Date(g): 3/1/2016 | Date(h): 24/3/1437 Status: In-Force

Effective from 2016-01-03 - Jan 02 2016
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The current mechanism for handling Saudi currency, as agreed upon between the General Customs Authority and SAMA in the coordination and cooperation record dated 10/4/1435 AH, shall continue. According to this mechanism, customs employees at King Fahd Causeway are responsible for sealing the Saudi currency transported through the customs for banks and exchange companies, and then sending it to SAMA branch in Dammam for inspection, as follows:

  1. A financial declaration form for the cash amounts (entry) is filled out electronically using the automated financial declaration system. The form indicates the number of containers or packages received, the sequence of their seal numbers, and the total amount sent.
  2. The financial declaration form is faxed from the King Fahd Causeway customs to SAMA branch in Dammam, and a copy is handed over to the bank representative or the exchange company.
  3. Upon deposit at SAMA branch, the information on the number of packages and the customs seal numbers provided by King Fahd Causeway customs is verified by the Treasury Division at SAMA branch in Dammam. The cash packages are then reviewed and accepted under counting and are set aside with the customs letter until they are counted and verified for accuracy.
  4. King Fahd Causeway customs will be notified by SAMA branch in Dammam in the event of any unusual discrepancy, such as a mismatch between the declared amount and the received funds, concerns about the currency's condition, the failure of the funds to arrive as per the customs letter sent by fax to SAMA branch, or delays in delivering the funds to SAMA.

Additionally, King Fahd Causeway customs will receive a letter from SAMA branch when local banks request to export financial amounts abroad after sealing them in a container or package, detailing the amount and seal numbers. A copy of this letter will be faxed simultaneously to King Fahd Causeway customs and the bank representative.