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5-3) Insurance on Cash

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

Translated Document

Effective from 2015-02-25 - Feb 24 2015
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  1. Exchange houses must maintain insurance with a licensed insurance provider in the Kingdom, covering operational risks such as embezzlement, theft, counterfeiting, burglary, fire, etc.
  2. The insurance must cover all properties belonging to the exchange house, including cash, negotiable financial instruments, foreign currencies, traveler's checks, and bank checks.
  3. The insurance coverage should be proportionate to the amount of cash held and the financial transactions conducted, including buying and selling foreign currencies, money transfers, and cash transportation.