CBUAE published the Regulation and the Standards on country and transfer risks. The Regulation and the Standards apply to all banks operating in the UAE. The Regulation and the Standards are intended to ensure country and transfer risks are appropriately managed by banks, in line with the leading international practices. The Regulation will be published in the Official Gazette and will come into effect one month after the date of publication.
The Regulation aims to establish minimum acceptable standards for approach of banks to managing country and transfer risks, with a view to ensuring the soundness of banks and contributing to financial stability. The accompanying Standards supplement the Regulation, to elaborate on the supervisory expectations of CBUAE, with respect to the management of country and transfer risks. The Regulation and Standards must be read in conjunction with the Risk Management Regulation and Standards, which establish the requirements for banks’ overarching approach to risk management. The Standards form a part of the Country and Transfer Risks Regulations.
Keywords: Middle East and Africa, UAE, Banking, Country and Transfer Risks, Risk Management, CBUAE
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