Christopher Barrow
External scrutiny and stringent due diligence are key to every safe custody business
Delivering world-class security demands substantial investment. Metropolitan Safe Deposits’ High Road branch is a perfect case in point: the two basement vaults with a capacity of 7500 safe deposit boxes in 12 different sizes were designed and constructed by the industry’s leading manufacturer.
The premises itself is equipped with 24/7 perimeter and interior CCTV, seismic and stress detectors, electronic and magnetic locks and bullet-resistant airlock doors. Complementing that proven level of physical protection are multilayered alarm and biometric ID procedures that ensure back-up systems are always in place.
However, as Chief Executive Christopher Barrow emphasises, other fundamental factors must be considered when creating a successful safe custody operation. ‘It’s essential for us to maintain the highest standards of practice when it comes to following the Financial Conduct Authority’s (FCA) anti-money laundering and terrorist financing regulations and complying with HM Treasury’s sanctions regime.
‘In particular, since the Russian invasion of Ukraine, there has been an even stronger emphasis on businesses in our sector having rigorous measures in place to check whether customers are subject to financial sanctions. If there is any doubt, it is our responsibility to seek legal advice on how to interpret the rules and then determine the potential consequences and actions to be taken. We believe that commitment to regulatory compliance instils confidence in the eyes of bona fide customers.
‘Equally importantly, a safe deposit business should only be satisfied once it has been subjected to, and validated by, an independent risk review. Regular on-site assessment provides objective feedback on the quality of security systems, processes and staff training.
‘In this industry, trust can take a long time to build, and it is very easy to destroy. We focus on every element of what we do with the same care and, by so doing, we offer the peace of mind that treasured possessions are in safe keeping. Besides which, I’m sure our clients don’t want to mix with individuals involved in criminal activity.’
Metropolitan Safe Deposits
329 Chiswick High Road,
Chiswick W4 4HS
02039282828
chiswick@metrosafe.co.uk
https://www.metrosafe.co.uk
