In a bid to streamline regulatory frameworks and ensure relevance in instructions, an internal review has been conducted to identify and eliminate outdated, obsolete, and superfluous circulars. This initiative aims to simplify the existing regulatory landscape, making it more efficient and easier to navigate for all stakeholders.
Effective from the close of business today, several circulars have been officially withdrawn. The move reflects a commitment to continuous improvement and modernization of the regulatory environment. Below is a summary of the circulars that have been withdrawn as part of this rationalization effort:
- DOS.No.BC.2/16.13.100/95 – March 22, 1995: Meeting of Compliance Officers
- This circular provided guidelines for meetings involving compliance officers, which are now deemed outdated.
- DOS.No.BC.24/08.91.021/96 – December 30, 1996: Internal Organisation and Control System
- Aimed at enhancing internal organization and control systems within banks, this directive is now considered superfluous given current regulatory standards.
- DOS.No.CO.PP.BC.2/11.01.016/97-98 – July 24, 1997: Compliance Officers of Banks
- Focused on the roles and responsibilities of compliance officers, the content of this circular has been integrated into more comprehensive, updated guidelines.
- DBS.No.PP.BC.17/11.01.005/1999-2000 – October 27, 1999: Checklist for Evaluation of Internal Inspection/Audit
- This circular offered a checklist for evaluating internal inspections and audits, which has been superseded by more detailed and updated procedures.
- DBS.CO.PP.BC.36/11.01.005/1999-2000 – June 5, 2000: Compliance Officers of Banks
- Similar to previous circulars, this directive on compliance officers is now obsolete due to newer, more relevant guidelines.
- UBD.No.POT.3/09.06-00/2000-2001 – July 12, 2001: Overseeing the Internal Audit Function in Banks – Setting Up of Audit Committee
- Addressing the oversight of internal audit functions and the establishment of audit committees, this circular’s provisions have been incorporated into current regulatory frameworks.
- DBS.CO.PP.BC.17/11.01.005/2004-05 – February 1, 2005: Implementation of Risk-Based Internal Audit (RBIA) in Banks
- This circular introduced risk-based internal audits in banks, a practice now firmly embedded in modern audit processes and guidelines.
- DBS.PP.BC1/11/01.005/2006-07 – November 16, 2006: Compliance Function in Banks
- Focusing on the compliance function within banks, this circular’s guidelines have been replaced with more up-to-date instructions.
The withdrawal of these circulars is part of an ongoing effort to ensure that all regulatory instructions are relevant, efficient, and streamlined. By removing outdated directives, the regulatory framework becomes more manageable and reflective of the current banking environment’s needs. This initiative underscores a commitment to maintaining a regulatory system that supports effective governance and compliance within the banking sector.
