Regulatory Alerts2012-03-22
Added · Updated
Losing Contact with Renters of Safety-Deposit Boxes
The Supervisor of Banks issued this directive to establish procedures for banks when contact with a safety-deposit box renter is lost. Banks must open the box in the presence of a third party, such as an external accountant or lawyer, and record the contents in signed minutes. The document requires banks to define internal decision-making processes and determine if the contents constitute abandoned property under the Administrator-General Law.
More like this from BOI
We email you every new BOI publication the day it's published.
Topics
safeguarding
Share