Based on the letters of His Excellency the Minister of Finance No. 1/S/9687 and No. 1/S/9690 dated 1/11/1427 H based on the circular of His Royal Highness the Minister of Interior No. 19/46391/SH2 dated 14/8/1426 H regarding the Customs Authority taking the necessary steps to start applying the provisions of the manual Procedures for the disclosure of cash and precious metals on departure and arrival to and from the Kingdom to implement the provisions of Article 14 of the Implementing Regulations of the Anti-Money Laundering Law issued by Royal Decree No. (M/39) dated 25/6/1424 H. SAMA is directed to take measures to regulate the entry and exit of cash into and out of the Kingdom in general, which is carried out by banks and licensed money changers through border crossings in particular, in accordance with the articles of the Anti-Money Laundering Law and its Implementing Regulations and the requirements of the recommendations issued by the Financial Action Task Force (FATF), especially the Special Recommendation IX.

In order to achieve this, SAMA wishes to take the following regulatory steps:

1. Local banks operating in the Kingdom and licensed exchange shops have the right to import and export cash and convertible financial instruments in Saudi currency or other foreign currencies through border crossings.
2. Banks and exchange shops are obligated to notify customs officials at border crossings of the amounts of cash and convertible financial instruments that they carry and wish to enter or exit the Kingdom to apply the principle of disclosure, as well as for representatives of SAMA to conduct inspection and ensure the safety of cash from counterfeiting.
3. This regulation applies to all parties involved in the transportation process, including banks, licensed money changers and their direct and indirect employees, shipping companies, parcel and cargo transportation companies, companies specialized in transporting cash (private security companies), postal transportation, etc.
4. Negotiable and transferable means of payment that are similar in their characteristics to money, such as checks, including Travelers Cheques, Draft Cheques, etc. are considered as part of the funds subject to the application of the law.
5. SAMA's branches and representatives at border points, as well as banks and exchange houses, must record and maintain data and information (information center) related to the movement of cash and transferable financial instruments across borders. This data should be utilized as much as possible for monitoring and conducting studies.
6. Banks and exchange houses must establish regulatory procedures for the transportation of cash and transferable financial instruments both incoming to and outgoing from their premises. These procedures must include the following:

(A) Complete the procedures for buying or selling cash currencies and transferable financial instruments through standard banking practices before initiating the transportation process.

(B) Agree in advance on purchase or sale prices and identify the counterpart involved in the banking transaction (cash purchase or sale) on the other side to finalize the transaction. Avoid engaging in bargaining or bidding for cash in the markets.

(C) Agree on how to arrange and prepare the funds in a manner suitable for both parties, facilitating their transportation, counting, and verification of authenticity.

(D) Ensure strict adherence to security procedures for transporting cash and transferable financial instruments, applying the instructions outlined in the Security Safety Manual as a minimum standard, and utilizing modern and appropriate transportation methods.

(E) Identify the entities involved in buying or selling and verify the legitimacy of their operations, ensuring they possess the required licenses for conducting banking activities.

(F) Restrict the process of sending, receiving, and transporting funds within the Kingdom to Saudi employees only.

(G) Local banks and exchange houses are responsible for verifying the authenticity of the cash and transferable financial instruments they sell or purchase, ensuring the legitimacy of their sources and uses. Furthermore, external entities involved in transactions must share in this responsibility.