|Photo courtesy of EAST|
In that context the news that the Saudi Arabian Monetary Agency (SAMA) is cracking down on local banks that allow VIP customers to make multiple large withdrawals in a single day is welcome. According to an article in Zawya some banks have been allowing wealthy customers to by-pass the SR 5,000 daily withdrawal limit. Organised Crime Groups (OCGs) spawn wealthy customers, who no doubt search the world for places to maximise hard cash withdrawals. In that context, the SAMA initiative is welcome. Hopefully regulators and monetary agencies in other countries will follow suit.