Subchest Custodian

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Job Summary

To manage and regulate access to the Sub-chest, issue and receive banknotes and coins to and from commercial bank

Job Description

Key Accountabilities

• Open and close the Sub-chest under dual control in order to enhance internal controls.
• Receive and safeguard currency from the BOZ and commercial banks as per laid down guidelines and procedures.
• Issue bank notes and coins to commercial banks in the designated area in order to support smooth cash operations of the banking sector.
• Prepare and submit to the Bank requests for restocking of the Sub-chest in order to ensure adequate stocks and denominations are available to meet currency demand of the market.
• Prepare and submit to the Bank request for evacuation of currency from the Sub-chest to BOZ in order to ensure that unfit currency are removed from circulation and maintain stocks as may be determined and advised by the Bank from time to time.
• Conduct Sub-chest vault reconciliation in order to detect any differences and reconcile the same timely.
• Record all movement of currency stocks in the Sub chest in order to account for all stock movements and facilitate audit trail.
• Prepare weekly and monthly Sub-chest returns to facilitate timely reconciliation.
• Liaise with commercial Banks timely on currency requirements in order to facilitate forecasting and effective management of the Sub-chest.

• Conduct daily reconciliation of Sub-chest total cash. Immediately escalate all cash issues directly to the Branch Manager in accordance with current procedures
• Carefully count all cash received or dispensed to ensure that errors are avoided. The Bank has a zero tolerance policy for Sub-chest errors and appropriate action will be taken, which may include formal disciplinary procedures.
• Facilitate BOZ audit and inspection of the Sub-chest in order to ascertain compliance to laid down procedure and guidelines.
• Ensure completeness of documents submitted for transaction by other commercial banks such as deposit or withdrawal slips to ensure accuracy and completeness of these documents.
• Record and file transaction documents on the value date.
• Count the boxes in the safe custody area as part of the close of day Branch checks.
• Ensure that all transaction records are kept meticulously and in accordance with Bank procedures. Make such documents available for review/control purposes when required.
• Hold one of the two keys to the Sub-chest and ensure full adherence to the adopted matrix.

Risk and Control

• Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Absa Operational Risk Framework and internal Barclays Policies and Standards.