Regulatory Alerts2020-01-09
Added · Updated
Self-Assessment of Compliance with the Code of Banking Practice 2019
The Hong Kong Monetary Authority mandates that reporting institutions, such as Indian Overseas Bank, conduct a self-assessment of their compliance with the Code of Banking Practice for the period from 1 January 2019 to 31 December 2019. The document requires internal audit or compliance departments to evaluate adherence to specific provisions across banking services and subsidiaries, documenting any non-compliance with detailed action plans and rectification status. Institutions must submit both hard copies and soft copies via the STET system by 31 March 2020, ensuring that all negative responses are accompanied by comprehensive explanations and exception reports.
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