Regulatory Alerts2021-09-30
Switching Banks Online
The Supervisor of Banks issued this directive to implement Amendment 27 of the Banking (Service to Customer) Law, requiring banks to facilitate online switching of customer financial activity. The document establishes detailed rules for the transfer process, including customer disclosure requirements, consent mechanisms, and the specific obligations of both the old and new banks. It further defines procedures for handling switching dates, cancellations, retention of benefits, and the routing of financial transactions to ensure continuity and protect consumer rights.
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