Article (5): Control and Documentation
C 32/2013 Effective from 11/11/2013Central Bank of the UAE requires that every bank sets up sound administrative and accounting procedures and adequate internal control systems, especially for the purpose of identifying and recording all large exposures, as defined in these Regulations, and for monitoring and controlling those large exposures according to each bank's own general credit policy.
The implementation of these accounting procedures and internal control systems must be approved by each bank's board of directors, or by a similar designated body, and should be documented appropriately.