Banco Industrial de Venezuela placed under strict supervision by US banking watchdogs
By Javier Cáceres | Notiven
03.05.05 | Last Friday, Banco Industrial de Venezuela (BIV), signed a document with US supervisory banking authorities that places it almost under house intervention for it's lack of compliance and controls. The document considers that previous guidelines have not been met and it is the interest of the Authorities that the Bank considers these defficiencies and corrects them.
The document stablishes important time frames: It gives the Bank 10 days to designate a "contact" with the authorities as well as to find a consultant approved by the authorities to carry on the guidelines established therein. The main points that the document stablishes are: General management issues, and adequate personnel; internal auditing issues; in credit, setting up of collection guidelines; compliance in general and lastly to apply all the requirements established.
The original document can be read here in PDF format.
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