Regulatory Alerts2024-03-31
Adjustments to Proper Conduct of Banking Business Directives for the Swords of Iron War
The Banking Supervision Department issued a temporary directive extending and modifying the Proper Conduct of Banking Business Directive to provide banking corporations with operational flexibility during the Swords of Iron War. The measure cancels several regulatory sections while granting extensions for financial reporting deadlines, rotation of sensitive positions, and anti-money laundering compliance thresholds to alleviate burdens on customers and institutions. These amendments commence on April 1, 2024, with most provisions remaining in force until June 30, 2024, though specific anti-money laundering rules extend until December 31, 2024.
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