Regulatory Alerts2010-04-18
Instructions Concerning Robbery and Embezzlement Acts
The Central Bank issued circulars to all Islamic Banks requiring prompt notification of fund embezzlements, including accused employee names and judicial resolutions. The regulator also mandates comprehensive security protocols to mitigate armed robbery risks, specifically requiring CCTV installation, direct telephone links to the Ministry of Interior, and specialized guard services. Banks must implement these measures alongside staff training and alarm systems to ensure continuous monitoring of premises, ATMs, and personnel against theft and forceful entry.
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