OM-3 OM-3 Electronic money and electronic banking activities
OM-3.1 OM-3.1 Electronic banking
OM-3.1.1
This chapter refers to
Basel Committee papers that the Agency requires relevant licensees to use as guidance onelectronic banking activities.OM-3.1.2
The Agency considers that the provisions of the following papers represent best practice and provide guidelines for recognising, addressing and managing risk associated with this area. Banks should take appropriate steps for the implementation of relevant recommendations set out therein:
(a) 'Risk Management forElectronic Banking andElectronic Money Activities' issued in March 1998 (see section OM-B.2 for further references to the paper);(b) 'Risk Management Principles forElectronic Banking ' issued in May 2001 (see section OM-B.2 for further references to the paper).OM-3.1.3
Licensees must use the 'Risk Management Principles and Sound Practices' in the Basel Committee paper in OM-3.1.2(b) as guidelines to recognise and prudently manage risks associated with e-banking.