January 10, 2014
BSP CIRCULAR NO. 823-14
SUBJECT : Amendment of Section X181 (2008-X171) on Bank Protection
The Monetary Board, in its Resolution No. 2038 dated 5 December 2013, approved the revisions to Section X181 (2008-X171) of the Manual of Regulations for Banks (MORB) on Bank Protection.
SECTION 1. The relevant provisions of Section X181 of the MORB particularly those relating to the appointment of the bank's security officer are hereby amended, as follows:
1. Subsection X181.2 (2008-X171.2) on the Designation of Security Officer is amended to read as follows:
§ X181.2 (2008-X171.2) Designation of a Chief Security Officer
The board of directors of each bank, or the country head in the case of a foreign bank branch, shall designate a Chief Security Officer. ECSaAc
A full-time Chief Security Officer shall be designated whenever the bank operates an extensive physical network of branches and other offices that regularly handle cash. For purposes of this section, extensive branch network means a bank has at least ten (10) branches and/or other cash handling banking offices.
A bank that falls outside the preceding criteria is considered...
