Riyadh The Saudi Arabian Monetary Authority (SAMA) launched an awareness campaign for the introducing of the smart bags for the transportation of funds and means of dealing with tagged cash. This step coincides with SAMA and related authority's approval for the implementation of smart bags for their capability of enabling automated tracking and self-destruction in the event of tampering. The smart bags will replace money containers used currently for the transportation of cash.
This campaign, which targeted largest possible segments of the society is part of SAMA's ongoing efforts to organize awareness-raising and educational campaigns among the public in order to raise their financial and knowledge awareness of cash trading.
SAMA clarified that these smart bags featured with a security ink released in the event of unauthorized tampering covering the currency features, i.e., theft, burglary or changing the routes of the armored trucks. This leaves the currency tagged with the security inks, which will enable tracing its source through a unique imprint of each container; this helps to identify currency obtained through illicit sources.
"SAMA" pointed out in this regard that the application of smart bag technologies for transporting money has contributed globally in reducing money-transportation robbery and aggression crime rates. On their side, central banks issued instructions stating the prohibition of the circulation of cash tagged with security inks. Central banks clarified that currency exposed to security inks which is hard to remove, loses its features because of deforming by the released inks. Therefore such banknotes are considered mutilated currency and unacceptable for trading, or automatic deposit machines and sorting devices.
In the end, SAMA clarified that will not accept currency tagged with the security inks and advises the public to avoid trading it.
Source: Saudi Press Agency