fp Turks and Caicos

The recent spate of incidents outside of bank premises should make business owners think carefully about their own procedures when transporting cash. The safety of employees and the cash itself should be a priority.

Business owners might like to think of the following ideas:

• Bank cash as soon as possible. Do not allow cash to build up on the premises.
• Choose the right staff for the job. Young, elderly, ill or new employees should not be used to transport cash because of their vulnerability.
• Always use a secure container to carry cash that doesn’t draw attention to itself.
• Where possible, don’t use a canvas money bag — use a pocket/specially-designed carry case.
• If a car is used, a second employee acting as a driver should accompany the person carrying the cash. Try not to use the same car each time.
• Make sure that all vehicles used for transporting cash are well maintained.

Remind your staff:

• That they are at their most vulnerable at the start or end of their journey
• To be alert to suspicious people or vehicles
• Not to leave the vehicle until they are as close to their destination as possible
• To vary the times and routes used when transporting cash
• Not to make unnecessary stops
• To keep all doors locked
• Not to be a hero

Paul Coleman, vice president of compliance at International Banking Group, has more than 40 years experience in the banking industry. He is a professionally qualified expert in Operational and Business Risk, Internal Audit, Anti Money Laundering and Regulatory Compliance.