Bangko Sentral Issues New Guidelines on Security Measures for Banks

In a bid to enhance the security of banks in the Philippines, the Bangko Sentral ng Pilipinas (BSP) has issued new guidelines on minimum security measures that all banking offices must implement. The circular aims to ensure the protection of bank employees, customers, and assets from various types of threats.

Key Requirements

The guidelines require banks to have a comprehensive security program in place, which includes:

• Provision for Employee Training: Banks must provide regular training and re-training for employees on their respective areas of responsibility under the security program.
• Contingency Measures: Banks must have contingency measures in place for security and rescue operations during emergency situations.
• Posting of Security Personnel: Adequate numbers of security personnel must be posted in vital and critical areas of bank premises, with minimum hours of duty specified.
• Security Devices: Banks must install, operate, and maintain various security devices, including:
  • Time delay devices
  • Lighting systems
  • Tamper-resistant locks
  • Robbery alarm systems
  • Anti-burglary systems
  • CCTV cameras

Minimum Security Standards

The guidelines also set out specific minimum security standards for banks, including:

• Access Control: Banks must ensure that access to bank premises is restricted to authorized personnel only.
• Firearms and Deadly Weapons: Firearms and deadly weapons are prohibited inside bank premises, except when authorized by the bank.
• ATM Security: ATM sites must be provided with adequate security measures, including:
  • Anti-tampering devices
  • Regular inspections
• Armored Car Operations: Armored vehicles used for transporting valuables must be built with bullet-resistant materials and equipped with combination locks to prevent retrieval of cargo during transit.

Reporting Requirements

Banks are required to submit an annual self-assessment report on their compliance with the security guidelines, along with any updates to their security program. The Bangko Sentral reserves the right to conduct regular inspections and targeted assessments to ensure compliance with these regulations.

Sanctions for Non-Compliance

Any bank found to be non-compliant with the guidelines may be subject to administrative sanctions, including fines or penalties, and may even constitute a ground for considering the same as an unsafe or unsound banking practice.

The new guidelines aim to enhance the overall security posture of banks in the Philippines, protecting not only their assets but also their employees and customers from various types of threats.