Regulatory Alerts2014-05-09
Added · Updated
Regulation on Supervision pursuant to the Sanctions Act 1977
Financial institutions must implement internal control measures to verify whether customer identities match individuals or entities listed in sanctions regulations. Institutions are required to immediately notify the supervisory authority of any such matches and retain the notifications and underlying data for up to five years after the relevant sanctions expire or are abrogated. These records must be submitted to the supervisor upon request.
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