Regulatory Alerts1998-01-01
Bank of Zambia Circular 7/1998: Armed Robberies on Banks and Bureau de Change
The Bank of Zambia mandates all commercial banks to reinforce security protocols and educate Bureau de Change clients following a recent surge in armed robberies targeting financial institutions. The circular requires immediate implementation of enhanced safety measures to minimize attacks and prevent further loss of life and capital. Banks are specifically instructed to warn clients against the dangers of storing large cash sums at both business premises and private residences.
Tel. 228888/228903-20
BANK OF ZAMBIA
P.O. Box 30080 Lusaka
10101
2 September 1998
CB Circular No.7/98
To: All Commercial Banks
Dear Sirs
ARMED ROBBERIES ON BANKS AND BUREAU DE CHANGE
There has been an increase in the number of armed robberies involving cash in the last few months. These robberies have led to a loss of both human life and money. In light of these developments, all commercial banks should reinforce the current security measures in place to minimize the occurrence of these attacks.
Commercial banks are particularly urged to educate their Bureau de Change customers on the dangers of keeping large sums of cash at business premises and homes.
Yours faithfully
Dr Abraham Mwenda
DEPUTY GOVERNOR - OPERATIONS
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