Central bank instructs banks to install security alarm system in Myanmar

The Central Bank of Myanmar (CBM) instructed banks nationwide to install an alarm bell system at their branches similar to those used internationally to beef up security.

Arrangements are being made to inform the banks to install security alarm systems like those in other countries, said U Soe Min, vice governor of CBM.

“We have also instructed banks to tighten the working hours of security guards such as their night shifts or day shifts and to have the guards serve overtime with the permission of head office,” the vice governor said in response to the question raised by U Toe Win, MP of Tarmwe constituency, Yangon, at Pyithu Hluttaw session held on May 25, on whether there was a plan for the safety of customers in the event of a bank robbery.

In early February, an armed robber planted explosives and stole more than K60 million in cash from a CB Bank outlet in Yangon’s North Dagon township in broad daylight.

Police later found the explosives to be fake, as well as the gun, and the suspect was arrested five days after the robbery.

To boost the banks’ security, the central bank has also instructed to record all entries and exits at the banks, install CCCTVs near the bank building and employ security guards overnight in addition to day and night shifts.

The CBM first released guidelines for bank security in 2015, including raising security of bank vaults, when transporting cash and and while banking on premise.

There are four state-owned banks, 22 private banks and 13 foreign banks in operation nationwide. – Translated