Regulatory Alerts2003-09-24
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Electronic Banking
Bank of Namibia issued Circular BIA 1/03 requiring all banking institutions to implement the Basel Committee's Risk Management Principles for Electronic Banking by 5 January 2004. The circular outlines fourteen specific risk management requirements covering board oversight, security controls, authentication, data integrity, privacy, and business continuity. Institutions must report their implementation status—including fully implemented, partially implemented, and planned principles—by 30 October 2003 for verification through examinations and regular surveys.
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