Minister for Justice Michael McDowell warned he was serious about giving banks 120 days "to get their house in order" regarding the provision of adequate security.
He said the Private Security Authority of Ireland was up and running in Tipperary, its chief executive had been appointed, and it was currently putting in place the licensing regime for cash-in-transit companies.
"I could click my fingers and demand that it be done tomorrow, but if it is necessary to buy equipment and establish new training regimes for the workforce and so forth, time is required," he added.
"However, I should make it clear to the chairmen of the banks, most of whom I know personally, and whom I hope will hear my remarks because they keep an eye on what happens in the House, that I am not bluffing about the 120-day period.
"If they think that on day number 119, they can begin to engage in this process, they are greatly mistaken."
Urging them to act now, he said he would not "hesitate to impose a regime on the banks which will allow me to direct the level of security for which they must pay".
The country, he added, deserved protection from those who stole large sums of money because it was they who would later take other people's lives and invest the proceeds in drugs.
Mr McDowell was replying to Labour justice spokesman Joe Costello, who said there was no licence scheme, regulations or standards for security firms here.
Mr Costello said 26,000 security personnel "go merrily about their business while there are no proper standards or vetting procedures in place".
