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5-1) Security Systems and Devices

No: 361000067859 Date(g): 25/2/2015 | Date(h): 7/5/1436 Status: In-Force

Effective from 2015-02-25 - Feb 24 2015
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Exchange houses must adhere to the instructions outlined in the Civil Security Guard System and its executive regulations issued by Royal Decree No. M/24, dated 8/7/1426 H; the System for Handling Cash, Precious Metals, and Valuable Documents issued by the Saudi Arabian Monetary Agency, No. M/81, dated 18/10/1428 H; and the Security Safety Guide issued by the Saudi Arabian Monetary Agency, No. 485/M.A/36, dated 7/1/1416 H. These instructions should be considered the minimum security and safety measures that must be followed, and must include at least the following:

  1. Adhering to the security safety requirements issued by the Saudi Arabian Monetary Agency, including:
  a.. Standards for site selection, environmental health, and civil defense requirements.
  b. Procedures for transporting cash.
  c. Instructions for the work of security guards.
  d. Providing the necessary requirements for automated systems, banking devices, imaging and recording devices, and document storage.
  1. Displaying the license issued by the Saudi Arabian Monetary Agency and announcing the exchange rates prominently at the location.
  2. Including the license number in all printed materials, correspondence, and any other outputs.
  3. Handling transactions with clients using official receipts for all allowed exchange operations.
  4. Informing clients prominently about the necessity of obtaining receipts for any transaction performed.
  5. Equipping work areas with the necessary devices for counting, sorting cash, and detecting counterfeit currency.
  6. Insuring property against fire and theft with a licensed insurance provider in the Kingdom.