Regulatory Alerts2023-12-24
Directive 424: Opening a Current Account with a Credit Balance for Financial Entities
The Supervisor of Banks issued Directive 424 to regulate the requirements for banking corporations when opening and maintaining current accounts with credit balances for licensed financial entities. The directive mandates that banks must provide written decisions or notices explaining refusals or delays in account processing within three months, including information on the entity's right to contact the Supervisor. Additionally, banks are required to report any refusals or service delays to the Banking Supervision Department in accordance with Reporting Directive 824.
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