MAS urges banks to assess security measures after robbery at Standard Chartered in Holland Village

Police officers and investigators from the CID at the Standard Chartered Bank branch in Holland Village after the robbery on July 7, 2016.
Police officers and investigators from the CID at the Standard Chartered Bank branch in Holland Village after the robbery on July 7, 2016.ST PHOTO: MARK CHEONG

SINGAPORE - The Monetary Authority of Singapore (MAS) on Saturday (July 9) urged banks to learn from the recent robbery at Holland Village and to assess whether their security measures need to be enhanced.

In a statement following Thursday's heist at a Standard Chartered Bank branch - during which a teller handed over $30,000 to a robber - the MAS said it expects banks to perform thorough security threat assessments and to have adequate measures in place to address these threats.

"These measures could include CCTV surveillance, alarm systems, panic buttons and security personnel. MAS' guidelines are not prescriptive," said an MAS spokesman on Saturday.

 
 

On Thursday, a Caucasian man walked into the Standard Chartered bank branch, slipped the teller a piece of paper with his demands and walked out with $30,000 in cash.

The suspect is still at large.

The branch, which did not have a security guard present when the brazen robbery took place, has since stationed one there.

A Stanchart spokesman also said that it has in-branch security measures such as closed-circuit TV cameras and staff who are well trained to respond to such situations.

The teller who handed over the $30,000 also did the right thing, by acting "in the best interests of our customers and our colleagues", the Stanchart spokesman added.