Regulatory Alerts2012-03-22
Proper Conduct of Banking Business: Chief Accountant
The Supervisor of Banks issued regulations mandating the segregation of operating functions from accounting records within banking corporations. The chief accountant must be directly subordinate to the general manager or a non-operational management member and is prohibited from conducting business transactions or serving as risk manager. While barred from operational roles, the chief accountant may serve on committees that do not make business decisions, such as the credit committee.
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