BCRA to Reestablish Security Measures at Banks

February 7, 2020. Under Communication A6894, the Board of the BCRA ordered financial institutions to reinforce the security measures in all their branches. All in all, these measures seek to reestablish and improve security standards for bank employees and financial users in answer to the unfortunate incident that took place in Isidro Casanova neighborhood.

This resolution was adopted within the framework of the Standing Committee for Bank Security and reestablished on February 4. In this scenario, the BCRA assessed the need of adopting regulatory changes immediately. In turn, more comprehensive measures have been analyzed in order to reinforce bank security regulations.

In the first place, the new regulation reestablishes the obligation for all financial institutions to have security staff in all bank branches, a requirement that was eliminated in 2017. From now on, financial institutions must have at least one security guard to monitor the access to the branch, teller windows, entrance to the treasury and ATMs located inside the branch.

On the other hand, there is now an obligation for branches to have closed-circuit television (CCTV) to transmit signals to the sidewalk, the entrance of employees and the public to branches, teller windows, the treasury, armored inner part of the treasury, safe-deposit boxes, ATMs in branches, and all the areas where cash is in transit with the aim of noticing any irregular or peculiar situations.

AIn addition, financial institutions must report to the BCRA on the number of security staff that will be designated, if not yet assigned, in each branch as well as their security plan developed for that purpose.

Thus, a few days after the incident that took place in Banco de la Nación Argentina, Isidro Casanova branch, the Government and the BCRA showed their commitment to the community by adopting measures to reestablish and reinforce security in bank branches.