Regulatory Alerts2023-02-23
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Board of Directors
This document establishes comprehensive directives for the board of directors of banking corporations, auxiliary credit card companies, and merchant acquirers. It outlines the board's functions, composition, and operational methods, including responsibilities for formulating strategy, approving policies, supervising management, and ensuring compliance with laws and regulations. The directives also detail requirements for office holder certification, reporting to the Supervisor of Banks, and the establishment and functions of various board committees, such as audit, remuneration, and risk management committees. These rules constitute the minimum standards for the proper conduct of banking corporations.
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