Synopsis

This section describes the general requirements of the Security and Safety Guidelines and the responsibilities of the banks and SAMA.

1. Introduction

Since the last guidelines were introduced in June 1995 (1/1416) a number of major changes have affected the security and safety responsibilities of the Saudi banks to its staff, assets and customers.

A major consideration is the recent increase of criminal activity against Saudi banks in the form of robbery, theft and fraud. Whilst the initial guidelines provided suitable standards and requirements at the time, it was therefore, assessed that these required a detailed review process followed by a revision of the minimum security and safety standards.

The recent criminal activities and the advances in security and safety equipments, systems and procedures has provided an opportunity to implement more effective measures that incorporate international, regional and local standards that would only benefit the Saudi banks.

2. Security and Safety Standards and Requirements

SAMA has issued the Security and Safety Guidelines that are designed to provide the minimum standards in the following areas:

Implementation of a Corporate Security and Safety Plan

Standards for the implementation of Electronic Security and Safety Systems

Standards for the implementation of Physical Security and Safety Systems

Standards for the Cash in Transit procedures and transportation service providers

Standards and Procedures for the Security Guards operating in the main buildings and branches

These documents have been prepared using international consultants and reviewed by SAMA and associated government agencies prior to their dissemination to the Saudi Banks.

3. Security and Safety Unit

Saudi banks are required to appoint a senior and capable individual as a Security and Safety Manager who will be responsible for the design, planning and implementation of the minimum standards contained within the SAMA Security and Safety Guidelines. The Security and Safety Manager is to be provided the necessary personnel and resources to fulfil these obligations and thereby safeguard the staff, assets, customers and business operations of the bank.

4. Implementation Plan

A detailed Implementation Plan is attached at Appendix 1 to this Circular. The banks are required, within 30 days of the implementation date, to provide a certificate to the agency from an external security consultant that these requirements and standards have been implemented.

5. Effective Date

With this Circular is attached the final version of the SAMA Security and Safety Guidelines which supersede the previous guidelines and all memorandums and circulars issued prior to this date. The effective date for the implementation of these requirements is (01st July 2009).

To ensure regulatory compliance of the implementation of the new requirements, SAMA and the Joint Security Committee will carry out site visits to the banks using appointed representatives. The failure by a bank to meet the requirements and standards could lead to penalties prescribed under the Banking Control Law.