The Indian Banks Association (IBA) on December 09, 2024, issued a circular regarding Leveraging Technology for Compliance Monitoring.
The following has been stated: -
•The RBI Circular dated January 31, 2024, emphasizes the need for banks to implement comprehensive, technology-driven compliance monitoring systems.
•These systems should facilitate effective communication, assess and manage compliance, escalate non-compliance issues, and provide a unified dashboard for senior management. Banks must review and update their compliance processes by October 31, 2024.
•The Indian Banks' Association (IBA) is forming an industry forum to develop a standardized framework for regulatory compliance.
The detailed circular is given in the document below.
