Regulatory Alerts2022-06-13
Sending Notices via Means of Communication
The Supervisor of Banks mandates that banking corporations may deliver customer notices via digital communication channels, such as apps and SMS, provided the customer explicitly requests this service. The directive requires banks to use immediate and accessible channels for critical alerts, including legal actions, credit facility changes, and check refusal warnings, while ensuring privacy protection and data retention standards. Banks must implement controls to verify notice delivery, provide alternative contact methods for unread messages, and maintain access to historical notices for both active and former customers.
Share