Regulatory Alerts2018-04-24
Added
Supervision of Overseas Branches
The Banking Supervision Department establishes new requirements for banking corporations regarding the governance, risk management, and compliance of their overseas branches. The Board of Directors must define an overseas strategy and implement a plan to cease inconsistent activities by December 31, 2020. Senior management must maintain group-level risk management frameworks and a dedicated unit for aggregating information on overseas branches. The directive mandates external audits for branch risk management and anti-money laundering processes, and it cancels the Supervisor’s letter of August 18, 2008, effective January 1, 2019.
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