Region

Jurisdiction

Regulator

1998-01-01

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.

Zambia

Bank of Zambia

Tel. 228888/228903-20

BANK OF ZAMBIA
P.O. Box 30080 Lusaka
10101

27 August 1998

CB Circular No. 6/98

To: All Bureau De Change

Dear Sirs

ARMED ROBBERIES ON BUREAU DE CHANGE

There has been an increase in the number of armed robberies on Bureau De Change in the last few months. These robberies have led to a loss of both human life and money. In light of these developments, appropriate measures should be taken to minimize the occurrence of these attacks. The Bank of Zambia is urging Bureau De Change to take the following measures:-

1. They should hold minimal cash on their premises. All excess cash should be deposited with commercial banks.

2. Arrange late deposit or safe custody of excess cash with respective commercial Banks at the end of each business day.

3. Insurance cover should be taken for both cash and staff.

4. Only reputable security firms be engaged to man business premises.

5. Alarm systems should be installed and connected to a security company or Zambia Police Service station for rapid response in case of an attack.

6. Current staff members and those to be employed be subjected to security vetting by appropriate security agencies. Letters of reference should also be obtained from previous employers in order to establish their character.

7. Current security arrangements should be reinforced if they are inadequate.

Yours faithfully

Dr Abraham Mwenda
DEPUTY GOVERNOR - OPERATIONS