Regulatory Alerts2016-08-09
Electronic Link Between Banks and the Ministry of Commerce and Investment Related to Some Services
The regulatory authority mandates that all licensed banking institutions establish a secure, API-based electronic link with the Ministry of Commerce and Investment to process specified commercial and investment services in real time. Banks must integrate their core systems, adhere to prescribed technical and security standards, and submit continuous connectivity reports by the stipulated compliance deadline. Failure to maintain the required digital integration will result in operational restrictions and regulatory penalties for non-compliant institutions.
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