Tough rules for cash transfer

A man leaves an automated teller machine (ATM) outside a Bank in Riyadh, Saudi Arabia, in this April 25, 2016 photo. (REUTERS)
Updated 22 June 2016

Tough rules for cash transfer

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.


First plane with aid from Saudi Arabia arrives in Lebanon

Updated 39 min 45 sec ago

First plane with aid from Saudi Arabia arrives in Lebanon

RIYADH: The first plane with aid from Saudi Arabia arrived in Lebanon on Friday for victims of Beirut’s port explosion, the King Salman Humanitarian Aid and Relief Centre (KSrelief) said.

Two planes departed from King Khalid International Airport on Friday carrying more than 120 tons of medical supplies, tents, shelter kits and food for those affected by the blast. A specialized team from the center to follow up and supervise the distribution operations were also on board the planes.

The aid aims to help victims overcome the effects of the explosion, said Abdullah Al-Rabeeah, Advisor to the Royal Court and Supervisor General of KSrelief.

Al-Rabeeah stated that the directive of King Salman embodies the established humanitarian values of the Saudi leadership, stressing that this assistance highlights the pivotal role of Saudi Arabia in providing humanitarian assistance to all people in need around the world with complete impartiality.