Attention of Exchange Companies and Exchange Companies of ‘B’ Category is invited to instructions contained in para 1(iv) of Chapter 4 and para 15(ii) of Chapter 8 of Exchange Companies Manual-2017 in terms of which all requisite support facilities are to be made available which are necessary to carry out their business
2. In order to further strengthen the AML/CFT regime for Exchange Companies and Exchange Companies of ‘B’ category and with a view to further improve their operational risk management, the mechanism for monitoring through Close Circuit Television (CCTV) cameras installed at company outlets is being standardized.
3. The following instructions shall be applicable for compliance by all outlets of Exchange Companies and Exchange Companies of ‘B’ Category (Head Offices, Branches, Franchises, Currency Exchange Booths and Payment Booths):
- Each outlet shall be equipped with high resolution CCTV cameras having zoom function in order to monitor and clearly capture all activities taking place in the respective outlet.
- The CCTV cameras shall be installed at appropriate locations of each outlet for proper monitoring in such a manner that each area and activity taking place in the outlet must be captured in the recording in particular cash counters, customer area, vault, printers, computer systems, manager cabin etc. Besides, entrance/exit of the outlet shall also be adequately covered.
- The arrangement for recording of CCTV shall be functional on 24 hours 7 days basis with necessary lighting facility for clarity in video recording. Further, proper electricity back-up shall also be arranged for the purpose.
- The video recording through CCTV cameras shall be preserved for at least two months. However, in case of any dispute/incident within the business premises, the related recording shall be preserved till the resolution of the matter. However, in case the matter is under investigation or is sub-judice before a court of law, the related recordings shall be preserved for a period as may be required in terms of applicable laws/regulations and/or Court’s orders.
- The backup of recording shall be maintained at an appropriate place in case a company keeps the original recording in the same outlet to avoid loss of recording in case of any untoward incident taking place at the outlet e.g. earthquake, fire breakout etc.
- In case of any technical issue in installed CCTV cameras/Digital Video Recording (DVR) system, the same shall immediately be communicated to the Head Office of the company by respective outlet. All correspondence among outlets, Head Office and vendor shall be preserved and made available to the State Bank’s inspection team for their review during the course of inspection.
- The time of CCTV camera and DVR system installed at outlets shall be synchronized with the time of the core business application.
- The staff of the outlets shall be provided training to operate CCTV camera/DVR system.
4. The above instructions shall become effective from January 01, 2019. Exchange Companies and Exchange Companies of ‘B’ Category are, therefore, advised to make necessary arrangements for timely implementation of the above instructions.
5. Exchange Companies & Exchange Companies of ‘B’ Category are advised to bring the contents of this circular to the notice of their entire network and ensure its meticulous compliance.
6. Failure to comply with the above instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.