Please refer to BSD Circular No. 7 dated May 27, 2004 regarding Guidelines on Internal Controls and BSD Circular No. 3 dated April 04, 2007 relating to Policy Framework in banks / DFIs.
2. In order to avoid duplication of reporting requirements by banks/DFIs; it has been decided to discontinue following progress / compliance reports submitted to Banking Surveillance Department:
- Guidelines on Internal Controls – Half Yearly Progress Report
- Policy Framework – Half Yearly Compliance Report
However the banks / DFIs shall continue to provide information under Institutional Risk Assessment Framework (IRAF) to Offsite Supervision and Enforcement Department. Moreover Banking Inspection (on-site) Department shall review the progress and implementation status during the course of on-site examination of banks / DFIs.
3. All other instructions on the subject shall remain unchanged.
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