Regulatory Alerts2018-10-30
Central Bank of the UAE Internal Controls, Compliance and Internal Audit Standards 161/2018
The Central Bank of the United Arab Emirates issued mandatory Standards 161/2018 requiring all banks to implement comprehensive internal controls, compliance, and internal audit frameworks. The document establishes a three-lines-of-defence model and mandates that the Board of Directors retain ultimate responsibility for ensuring effective risk management and governance structures. It further specifies detailed operational requirements for the independence, reporting lines, and competency of compliance and internal audit functions, including regular performance assessments and external quality reviews.
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