Measures to Require Banks to Upgrade Branch Security Protocols

Ms Sylvia Lim asked the Prime Minister what measures are being considered by MAS to require banks to upgrade their branch security protocols in light of the recent bank robbery incident at Holland Village on 7 July 2016.

The Monetary Authority of Singapore (MAS) expects banks to carry out thorough security threat assessments for all their branches and ensure that they have appropriate measures in place to mitigate security risks.

Following the recent robbery, MAS and the Singapore Police Force (SPF) have reminded banks to conduct regular threat assessments and to enhance security measures where necessary. These measures include ensuring closed circuit television systems and panic alarms are in good working order, as well as deploying armed security personnel to safeguard premises that are assessed to be high-risk or vulnerable. In addition to adopting security measures, banks are reminded that in the event of a robbery, the safety of employees and customers is paramount and that bank staff should be properly trained to act in an appropriate manner and to call the Police only when safe to do so.

MAS is also collaborating with SPF and the Association of Banks in Singapore on enhancing physical security best practices, including drawing on learning points from this recent incident.