Regulatory Alerts1998-01-01
Bank of Zambia Circular 6/98 on Armed Robberies at Bureau De Change
The Bank of Zambia issued Circular 6/98 to mandate enhanced security protocols for Bureau De Change operators following a recent surge in armed robberies resulting in fatalities and financial losses. The directive requires all operators to maintain minimal on-site cash reserves, arrange daily late deposits or safe custody with commercial banks, and secure comprehensive insurance coverage for both assets and personnel. Additionally, the circular mandates the engagement of reputable security firms, installation of alarm systems linked to police or private security companies, thorough staff vetting with reference checks, and immediate reinforcement of any inadequate existing security arrangements.
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