Regulatory Alerts2009-04-07
Financial services via the Internet: Prudential requirements
The CBFA issued Circular CBFA_2009_17 to provide recommendations and clarify existing regulatory and prudential requirements for credit institutions, insurance companies, investment firms, and management companies offering financial services via the Internet. It outlines basic principles for assessing organizational appropriateness, examines specific risks, and details requirements for internal control, compliance with rules of conduct, and managing cross-border transactions. The circular also includes an annex on sound practices for managing Internet security risks, requiring institutions to conduct a delta analysis against these guidelines and submit an action plan to the CBFA by August 31, 2009.
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