Echo of Tabuk – Follow up
The higher authorities seek to reduce reliance on cash and limit remittance through informal financial systems by reducing daily cash withdrawals and increasing day-to-day transactions across POS terminals in retail sectors.
The Saudi Arabian Monetary Agency (SAMA), the Ministry of Trade and Investment and the banks have been working to implement this by increasing the daily limit on point-of-sale transactions, especially in the sectors of luxury goods such as gold shops, cars and home furniture.
According to the national plan of action to achieve the objectives of the national strategy to combat money laundering and the financing of terrorism, retailers will be obliged to put POS devices gradually, to reduce dependence on cash.
The plan included setting up joint procedures to fight remittances through informal financial systems, taking promotional measures to encourage the spread of points of sale, and urging customers of banks of entities to use point-of-sale machines by offering banks encouraging offers to customers. Encouraging financial institutions to offer electronic payment services to their customers more developed.
It should be noted that the maximum limit of payment through points of sale 20 thousand riyals per day, while the SAMA set the maximum ceiling of ATM withdrawals of 5 thousand riyals per day.
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Source: Tedi Tabuk