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2007-09-16
The Monetary Authority issued instructions to enhance the transparency of banking transactions
The Monetary Authority yesterday revised instructions for the banking organization to work and strive to enhance transparency in financial transactions and revised the banking system circular on based materials no. 38,54 of the Banking Act of 2002.The Monetary Authority demanded that bank commits to inter control including the signing of customer contracts or blank pages”signature blank”,and provide customers with copies of all contracts signed and contracts with private facilities,direct and indirect. The text of the circular to all banks comply with controls,pointing out that the Monetary Authority will follow and will take the necessary action against banks violating accordance with the provisions of law and regulations issued therunder.
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