Regulatory Alerts2019-06-05
National Bank of Rwanda Regulation No. 4230/2019 on Minimum Internal Control and Audit Standards for Banks
The National Bank of Rwanda issued Regulation No. 4230/2019 to establish minimum internal control and audit standards for all supervised banks. The regulation mandates that each bank implement a dedicated internal audit function with management-equivalent leadership, adopt risk-based control frameworks, and may outsource audit activities while strictly following annexed principles. The Central Bank will regularly evaluate the function’s authority and compliance, convene targeted meetings with internal auditors, and this framework supersedes the previous 2011 regulations.
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