Regulatory Alerts2024-07-03
Directive No. 2600/2024-00040 on Private Banking Services
The National Bank of Rwanda has issued Directive No. 2600/2024-00040 to establish a comprehensive regulatory framework for licensed commercial banks offering private banking services. The directive defines eligibility thresholds for high-net-worth individuals and legal structures, outlines permissible activities such as wealth management and concierge services, and mandates a formal non-objection application process with the Central Bank. It further imposes strict operational standards regarding staff competency, conflict of interest management, investment suitability, and ongoing compliance to ensure client protection and market integrity.
Share