Regulatory Alerts2020-03-03
The Supervisor of Banks: Proper Conduct of Banking Business - E-Banking
The Supervisor of Banks issued this directive to regulate the provision of E-Banking services by banking corporations, enabling remote account opening and digital transactions while mandating robust risk management frameworks. The document requires boards and senior management to implement comprehensive controls for customer identification, authentication, and the monitoring of high-risk transactions to mitigate cybersecurity, fraud, and compliance risks. It establishes specific operational standards for online account creation, including remote verification methods, and outlines requirements for protecting customer data and ensuring secure communication across various digital channels.
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