Regulatory Alerts2020-12-24
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DOS Circular Letter No. 39: Intermission of Some Banking Services and Operations of Standard Bank Ltd. Due to Migration from Conventional CBS to Islamic CBS
The Department of Supervision grants consent for Standard Bank Ltd. to temporarily suspend specific banking services and operations to facilitate migration from its conventional Core Banking System to an Islamic Core Banking System. The suspension applies to batch clearing, BEFTN and digital banking (EFT) programs, and RTGS transactions from 6:00 PM on December 30, 2020, until 10:00 PM on January 4, 2021. This action is taken under the powers vested in the Department pursuant to Section 45 of the Bank Company Act, 1991 (as amended up to 2018).
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