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  • BC-4.7 BC-4.7 Notification to the Agency on introduction of new or expanded customer products and facilities

    • BC-4.7.1

      The content of this section is applicable only to full commercial banks licensed by the Agency.

    • BC-4.7.2

      All institutions referred to under paragraph BC-4.7.1 are required to notify the Agency before the introduction of any new or expanded customer products and facilities. The Agency will respond to the concerned bank within one week of receipt of the notification if it has any observations on the new product.

    • BC-4.7.3

      Further, institutions should also advise the Agency, on a six-monthly basis, on the status of new or expanded products and facilities. The advice should cover the following aspects:

      (a) response to,
      (b) success of, and
      (c) difficulties in,

      the introduction of new or expanded products and facilities. The institution should also advise the Agency on any variances which are introduced to the terms and conditions applying to these products and facilities.