Embracing Best Practices: Dominica’s Banking Industry Takes Steps to Prevent Financial Crime
The banking industry in Dominica has made significant strides in preventing financial crime, adopting best practices that prioritize customer safety and security. In this article, we’ll delve into the measures being taken by banking institutions on the island to minimize risks and ensure a secure financial environment.
Minimizing Cash Handling Risks
To reduce the risk of cash-related crimes, banking institutions in Dominica have implemented several key strategies:
- Low cash levels: Banks are advised to maintain low cash levels to minimize the amount of cash handled by employees.
- Alternative payment methods: Workers are paid by cheque or direct credit instead of handling large amounts of cash.
- Secure cash handling procedures: Cash registers are positioned away from the front door, and the cash drawer is locked and key removed when not in use.
Robust Internal Controls
To prevent fraud, banks have implemented robust internal controls, including:
- Employee awareness: Employees are made aware of reporting systems and are trained to identify potential risks.
- Monitoring vacation balances: Banks closely monitor employee vacation balances to detect any suspicious activity.
- Expert management: Trustworthy experts are hired to manage sensitive areas of the business.
Securing Cash Transfers
When transporting cash, banking institutions take a multi-layered approach to minimize risks:
- Trained personnel: At least two trained individuals are assigned to the task.
- Variable routes and times: Routes and times of day are varied to avoid routine patterns.
- Avoid quiet streets and alleyways: Banks travel through busier areas to reduce the risk of ambushes or robberies.
- Secure transportation: Banks prefer to travel by vehicle rather than on foot or public transport.
- Plain clothing: Employees wear plain clothing to avoid drawing attention to themselves.
- Notification: Both the bank and another person are informed of the expected return time.
International Best Practices
These measures are in line with international best practices for financial crime prevention, demonstrating a commitment to ensuring the security and stability of the banking industry in Dominica.