Regulatory Alerts2015-06-03
Added
Amendment to Proper Conduct of Banking Business Directive 308
The Bank of Israel amends Proper Conduct of Banking Business Directive 308, renaming it "Compliance and the Compliance Function in a Banking Corporation" and updating definitions for compliance risk, the compliance function, and the Chief Compliance Officer to align with Basel Committee guidelines. The revised directive imposes specific duties on the Board of Directors and senior management to supervise and manage compliance risk, requires a group-level compliance policy, and mandates that the compliance function maintain independence, adequate resources, and full access to information across all entities. The Chief Compliance Officer is prohibited from holding other roles within the banking corporation to ensure independence, and the directive becomes effective no later than January 1, 2016.
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