Regulatory Alerts2012-03-22
Supervisor of Banks: Proper Conduct of Banking Business - Retrieval of Data by Customers
The Supervisor of Banks mandates that banking corporations provide customers with automated data retrieval services, such as ATMs and internet access, to enable effective control over their assets and liabilities. The regulation requires banks to ensure these services are available to all customers without employee intervention, offering up-to-date daily information on balances and transactions via automated systems. Additionally, banks must implement internal controls for data segregation and actively encourage customer usage of these self-service channels through advertising and branch materials.
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