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e. Obligations of Financial Institutions upon Receiving Reports

Effective from Jan 31 2025 - Jan 30 2025
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Upon receiving a violation report, a financial institution shall:

  1.  treat such report with the necessary seriousness, regardless of the nature, language, adequacy of information, impact or importance of the report; 
  2.  take all necessary measures to protect the whistle blower; 
  3.  notify the whistle blower of receipt of the report and, if possible, the decision made; 
  4.  take corrective actions for the violation if proved; 
  5.  take into account the interest of its employees and stakeholders; 
  6.  refer reports to the department responsible for control and investigation, either inside or outside of the financial institution; 
  7.  keep violation reports and relevant documents, including recordings, for the durations specified by the laws and instructions; and 
  8.  prepare reports on whistle blowing instances and the procedures followed.