Regulatory Alerts2012-03-22
Rotation and Uninterrupted Vacation
The Supervisor of Banks mandates that banking corporations implement rotation policies for sensitive positions and require uninterrupted annual vacations to prevent fraud. Managers and staff in sensitive roles must take at least ten consecutive business days off, while other employees must take at least six days, during which they are barred from premises and transaction access. Banks must establish specific control procedures, substitute staffing, and monitoring mechanisms to ensure strict compliance with these internal audit requirements.
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