The Banking Supervision Department today published a letter to the banking system on the subject of “Remote execution of banking activities during the period of the coronavirus crisis and in routine times”.
The Banking Supervision Department works on an ongoing basis to come up with solutions that will assist banking system customers to execute transactions remotely, particularly during the coronavirus crisis period, when the need to protect the public’s health is all the more pressing, and to allow banking activities to be carried out without arriving at the bank’s branches.
In addition to the steps taken by the Banking Supervision Department to promote frameworks related to issuing debit cards to customers who do not have another means of payment, to remove regulatory barriers and to encourage customers to join remote banking services, the Banking Supervision Department emphasizes the importance of the banking system’s dealing with population groups that encounter obstacles in carrying out activities remotely. These include customers who are going through bankruptcy and default proceedings, legal guardians, and wards who have been assigned a guardian.
With regard to such population groups, the Banking Supervision Department refers the banking system to the relevant regulation, to position papers by the Office of the Administrator General and to a voluntary memorandum of understanding regarding guardianship accounts, which are intended to assist them in carrying out banking activities in an accessible and convenient manner.