Regulatory Alerts2018-10-30
Internal Controls, Compliance and Internal Audit Regulation 161/2018
The Central Bank of the UAE issued Regulation 161/2018 to establish minimum standards for internal controls, compliance, and internal audit functions across all banks. The regulation mandates that banks maintain independent, permanent, and effective compliance and internal audit functions with direct reporting lines to the Board and independent compensation structures. It further requires banks to report significant violations and leadership changes to the regulator and ensures group-wide consistency for entities with significant international relationships.
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