RIYADH: The Saudi Arabian Monetary Agency (SAMA) is considering tough new rules for firms transporting cash, valuables and filling ATMs, including having armored vehicles with tracking devices and more armed security.
Abdulaziz bin Saleh Al-Freih, deputy governor of SAMA, issued a circular stating that firms must use highly advanced containers to carry cash similar to those used in countries abroad, that would allow for tracking. They should also damage the money or valuables — referring to a special ink — if a vehicle deviates from its agreed path, media reported him as saying on Tuesday.
Other recommendations are that these firms should conduct background checks on individuals seeking jobs with them by accessing their credit histories.
SAMA has recommended that the crew should consist of five people. The armored car should have a driver, armed guard and escort. In addition, a supervisor and the feeder of an ATM should follow the armored car in an unmarked vehicle.
The feeder is responsible for filling an ATM machine with special containers filled with cash. These containers would have to be filled with money by a separate team, also linked to the security firm, while under surveillance by CCTV cameras.
When ATM containers are returned to the bank, they should be checked by a team consisting of the bank and the contracted security company, the report stated. There should also be special training for employees on all aspects of the transporting of cash and valuables.
SAMA stressed that banks should have strict monitoring of firms contracted to carry out the transport of cash and valuables, with penalties for those failing to comply.
Tough rules for cash transfer
Tough rules for cash transfer
