Regulatory Alerts2024-07-04
Added · Updated
Self-Assessment of Compliance with Supervisory Policy Manual Module TB-1 Regulation and Supervision of Trust Business
The regulator issued a self-assessment report detailing instances of partial compliance with the General Principles of the Code for trust business supervision. The document identifies twelve specific deficiencies, primarily concentrated in Principle 4 regarding corporate governance and internal controls, which accounts for eight instances. These non-compliances involve failures to establish adequate internal rules for confidentiality, reconcile client assets, oversee delegates, and implement effective risk management and complaint handling frameworks.
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