Penalties Regarding Violations of the Law on Transporting Money, Precious Metals, and Negotiable Instruments

No: 361000033868

Date(g): 24/12/2014 | Date(h): 3/3/1436

Translated Document

Effective from 2014-12-24 - Dec 23 2014
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Referring to the letter from the General Director of Public Security No. 3/2416/3 dated 24/2/1436 AH, which referes to the Law of Transporting Money, Precious Metals, and Negotiable Instruments issued by the Royal Decree No. (M/81) dated 18/10/1428 AH and its Executive Regulations issued by Ministerial Resolution No. (4814) dated 9/10/1433 AH. The system establishes a joint relationship between Public Security as the security authority and SAMA as the technical authority for monitoring the performance of companies and institutions engaged in cash transportation.

We would like to inform you that violations of the cash transportation law, which may be committed by contracted companies during the execution of their assigned tasks, have been identified, and an attached list has been circulated to regional police departments to monitor the performance of these companies and track violations of law regulations and instructions.

Therefore, SAMA requests that all banks operating within the Kingdom take all necessary measures to ensure compliance with the Transporting Money, Precious Metals, and Negotiable Instruments Law and its Executive Regulations when contracting and renewing contracts with the entrusted companies. This also applies within the bank premises. It is essential to ensure that the contracted companies adhere to these regulations. In case of any violations or observations, they should be documented and sent to SAMA as soon as possible.

((Violations of Transporting Money, Precious Metals, and Negotiable Instruments Law))

	Failure to check the background of the person who will occupy the position of Security Director.
	Employing a non-Saudi national in the vehicle crew.
	Employing someone under 25 or over 50 years old.
	Employing someone with less than a high school qualification in the vehicle crew.
	Failure to check the background of the transport crew during hiring.
	Failure to conduct medical examinations.
	Failure to obtain a training certificate.
	Negligence in safeguarding the transported items.
	Parking the transport vehicle inside or outside the city in unauthorized locations.
	Allowing a cash transport vehicle to operate with fewer than three people.
	Failure to arm the transport vehicle crew (driver and guard) according to the weapons and ammunition regulations.
	Using the transport vehicle before obtaining a registration form from the General Traffic Department to confirm its armoring and compliance with specifications.
	Performing armoring operations or importing armored vehicles before receiving approval from Public Security.
	Expanding the transport fleet to more than 300 vehicles without approval from Public Security.
	Importing, manufacturing, or modifying any armored vehicle and operating it for cash transport without prior approval from the Ministry of Interior.
	Failure to armor the vehicle or using armoring that does not meet the system's specified standards and measurements.
	Failure to establish a dedicated security and cash transport department.
	Operating with an expired license.
	Adding a partner after obtaining the license without applying for approval from Public Security and the Ministry.
	Operating outside the areas specified in the license.
	Failure to obtain an insurance policy covering all transported items.
	Failure to inform the operations rooms about transport operations exceeding 500,000 SAR.
	Failure to follow the proposed and designated route for the cash transport vehicle.
	Delivering cash outside the official working hours of banks and exchange offices.
	Failure to install a satellite vehicle tracking system with mandatory stopping features or assign an accompanying escort vehicle.
	Stopping the cash transport vehicle at any site or place for any reason.
	Failure to inform the regional police about any contract specifying the beneficiary entity.
	Failure to apply the approved regulations for air, sea, and land transport.
	Non-cooperation of cash transport companies with security personnel authorized to inspect at any time.
	Employing a non-Saudi or someone under 25 years old or without a university degree as a Security Director.
	Using vehicles that are not equipped or not licensed for the transport process.
	Using the transport vehicle for purposes other than its intended use.
	Selling armored vehicles before obtaining approval from Public Security.
	Selling a cash transport vehicle to an entity not licensed to practice the activity.
	Failure to adhere to the uniform specified in the instruction manual for private companies and institutions.
	Requiring the security guard to pay for clothing and training costs.
	Failure to place a badge on the guard’s chest that displays his personal information and the company to which he belongs.

*According to SAMA's circular No. 371000035015 dated 24/03/1437 AH, the Compliance Department of the bank is tasked with reporting violations of the Transporting Money, Precious Metals, and Negotiable Instruments Law on a monthly basis and sending them to the Cash Centers Supervision Division at SAMA.

*According to SAMA's circular No. 381000063640 dated 14/06/1438 AH, any violation committed by a cash transportation company or institution within the bank must be reported to the Security Patrols Operations Room. Upon the arrival of the patrol to address the report, an original notification (report) along with two copies must be handed over, specifying the time of the report and the time the patrol addressed the situation. This is to ensure the violation is recorded by the security patrols to initiate legal and regulatory procedures in accordance with the Transporting Money, Precious Metals, and Negotiable Instruments Law, according to the attached template.

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