Regulatory Alerts2009-08-11
Minimum Security Standards for Banking Institutions
The Bank of Namibia has issued this circular to prescribe minimum physical security requirements for all banking institutions, aiming to mitigate theft and armed robberies. The standards mandate specific upgrades across banking premises, including armed security personnel, assault-resistant teller windows, 24-hour CCTV coverage, seismic ATM detectors, dual-transmission alarm panels, and electronically time-locked vaults. Effective September 1, 2009, institutions must implement these measures through risk-based policies, maintain off-site alarm monitoring with physical response protocols, and undergo regular supervisory audits.
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