Regulatory Alerts2010-05-05
Added · Updated
Guideline on Minimum Security Standards for Banking Institutions
The Bank of Namibia issues Guideline BIG-2 to establish minimum physical security standards for all authorized banking institutions in Namibia, repealing Circular BIA 3/09. The document mandates specific infrastructure requirements, including 26 mm bullet-resistant glass at teller counters, monitored CCTV coverage, and dual-transmission alarm systems. It further requires controlled access to administration areas and vaults, with vault keys managed by at least two persons living at different addresses. The guideline also imposes obligations for ATM security, such as privacy shields and daily security personnel at high-risk sites, and requires client education on card fraud prevention.
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