Regulatory Alerts2018-02-14
Directive on Use of Information Under the Checks Without Cover Law and Response to Special Restriction Enquiries
The Supervisor of Banks issued Directive 430 to regulate how banks retain and utilize data regarding customers with restricted checking accounts under the Checks Without Cover Law. The directive limits the retention of such information to a maximum of three years after the restriction period ends and restricts access to specific employees to protect customer privacy. Additionally, it mandates that banks refer customers seeking clarification on special restrictions directly to the entity that imposed the restriction.
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