Section 48
Institution, director and officer to comply with standards
of Financial Services Act 2013
Every institution shall at all times—
(a)
comply with the standards as may be specified by the Bank under subsection 47(1) which are applicable to such institution;
(b)
ensure that its internal policies and procedures are consistent with the standards as may be specified by the Bank under subsection 47(1); and
(c)
whether or not standards have been specified by the Bank under subsection 47(1), manage its business, affairs and activities in a manner consistent with sound risk management and governance practices which are effective, accountable and transparent.
(2)
Every director and officer of an institution shall at all times comply with the internal policies and procedures adopted by such institution including internal policies and procedures to implement the standards as may be specified by the Bank under subsection 47(1).