Regulatory Alerts2017-12-11 | CD-SIBOIF-1033-1-DIC11-2017Added · Updated
Regulation on Simplified Savings Accounts
The Superintendence of Banks and Other Financial Institutions establishes rules for financial institutions to offer simplified savings accounts (SSAs) to natural persons with low-risk profiles. The regulation caps account balances at C$100,000 for national currency and U$1,500 for foreign currency, prohibits minimum balances and overdrafts, and mandates simplified customer due diligence procedures. Institutions must report monthly transaction statistics to the Superintendence and maintain operational records for five years.
Topics
Share