Regulatory Alerts2021-10-10
Added
CIB Circular No. 02: Regarding doing correction in the board of directors of a borrowing company in CIB database
The Credit Information Bureau requires requesting banks and financial institutions to submit specific documents to correct changes in a borrowing company's board of directors within the CIB database. Requesting institutions must advise clients to coordinate with other concerned banks, submit attested minutes or higher authority approvals, and include Schedule-X, Form-XII, and board resolutions. Incoming directors and continuing guarantors must be incorporated into the CIB database via batch contribution prior to submitting the correction request. If the required documents are not received within three months of the instruction, the request is treated as cancelled and a new forwarding letter must be submitted.
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