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Risks Associated with Dealing with Representatives of Private Civil Security Companies and Transferring Unauthorized Cash

No: 381000026439 Date(g): 7/12/2016 | Date(h): 8/3/1438 Status: In-Force

Translated Document

Effective from 2016-12-07 - Dec 06 2016
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Due to the information available regarding certain non-Saudi representatives of private civil security guard companies and cash transport institutions negotiating with local banks when offering security or cash transport services, SAMA emphasizes on all banks  not to engage in any dealings or negotiations with any non-Saudi representative of these companies and institutions. Banks must also report the company or institution employing the non-Saudi representative to the relevant regional authority for the necessary legal actions to be taken. Furthermore, SAMA reiterates the strict adherence to the regulations it has issued regarding compliance with the Law of Private Security Services and its implementing regulations, as well as the Law of Transporting Money, Precious Metals, and Negotiable Instruments and its implementing regulations.