Banks Act, 1990 (Act No. 94 of 1990)

Chapter V : Functioning of Banks and Controlling Companies with reference to Companies Act

Purchase

(1)	Notwithstanding anything to the contrary in any law, a bank shall establish an independent compliance function as part of the risk management framework of the bank.

(2)	The compliance function, shall be headed by a compliance officer of the bank, who shall perform his or her functions with such care and skill as can reasonably be expected from a person responsible for such a function in a similar institution.

(3)	The appointed compliance officer shall perform his or her functions subject to such requirements and conditions as may be prescribed in the Regulations relating to Banks.

[Section 60A inserted by section 41 of Act No. 19 of 2003]