Money changers must install CCTV systems by year end

Authorized money changers (AMCs) have been given an extended deadline to install Closed Circuit Television (CCTV) systems at their business premises or face the threat of closure.

The money changers were initially informed that they should install the CCTV systems by August 31 but the deadline was extended till December 31, 2012 after they wrote to the Exchange Controller saying the decision to keep their place of business under surveillance 24 hours from a remote location is counterproductive and detrimental to the development of the country’s money changing trade in general.

“Such a move on the part of the Exchange Control Department is not only intrusive of our privacy but also creates a sense of insecurity in the minds of our customers being conscious that their foreign exchange transactions are being monitored by the regulatory authorities, the Association of Authorized Money Changers said in their letter.

However Exchange Control- ler P.H.O.Chandrawansa said in response that installation of CCTV systems is a common security feature in financial institutions including off site ATMs and that it not only enhances safety of the customers but also the security of the place of business in a minimum interventional manner. “The officials of the Central Bank of Sri Lanka are bound by the secrecy requirements in the monetary law act and the Exchange Control Act and therefore the confidentiality of the information revealed from the CCTV footage will not be compromised, mishandled or revealed to any third party. Hence there is no reason to fear a breach of security or confidentiality from the installation of CCTV system,” he assured the AMCs.

The Controller told the Sunday Times that if the AMCs do not comply with the CCTV installation rule, their licences would be cancelled.

AMCs are required to deposit US $ 1.5 million annually with the Central Bank. However most money changes exceed the limit, a spokesperson for the Association said.