Regulatory Alerts2023-12-31
Extension of Temporary Provision for New Immigrant Account Opening Under Directive 411
The Supervisor of Banks issued Circular No. C-06-2770 to extend the validity of a temporary provision in Proper Conduct of Banking Business Directive No. 411. This amendment updates Appendix B.5 to allow banking corporations to open accounts based on New Immigrant certificates until June 30, 2024, rather than the previous December 31, 2023 deadline. The extension applies effective January 1, 2024, following consultation with the Advisory Committee on Banking Business Affairs and approval by the Governor.
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