Regulatory Alerts2020-02-26 | NRP-22Added · Updated
Technical Standards for the Integral Risk Management of Electronic Money Provider Companies
The Central Bank of Reserve of El Salvador mandates that Electronic Money Provider Companies establish an integral risk management system to identify, measure, control, mitigate, and monitor risks. The Standards require the creation of independent Risk Units and Risk Committees, with the Board of Directors approving risk appetite and tolerance limits. Entities must submit approved risk policies and manuals to the Financial System Superintendence within ten business days and conduct annual internal audits.
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