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MB Approves the Revised Rules and Regulations on Bank Protection

08.15.2008

The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has approved the revised rules and regulations on bank protection in order to promote maximum protection of life and property; prevent and discourage perpetration of crimes against banks; and assist law enforcers in the identification, apprehension and prosecution of perpetrators of crimes against banks.

As a minimum, the revised rules and regulations require the designation of a Security Officer and the adoption of a written security program.  The rules also prescribe minimum security measures for the operation of armored vehicles, automated teller machines (ATM) and protection of bank premises. 

The revised bank protection rules widen the scope of bank security programs to include and define measures and procedures to detect and prevent the commission of bank crimes, as well as the provisions on contingency plans in case of calamities, terrorist attacks and other emergency situations.

The issuance of the revised rules and regulations on bank protection is expected to provide guidance to banks as they endeavor to institute measures to address the incidence of bank robberies/hold-ups.

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