Question

"Related Party" for a bank includes:

A Subsidiaries Correct Answer Incorrect Answer
B Directors and their relatives Correct Answer Incorrect Answer
C Directors and their relatives Correct Answer Incorrect Answer
D Major Shareholders Correct Answer Incorrect Answer
E All of the above Correct Answer Incorrect Answer

Solution

A "Related Party" for a bank includes directors, key management personnel (KMP), their close family members, and entities controlled by them. It also covers shareholders holding 10% or more (as of 2023), subsidiaries, associate companies, and, for banks, directors of other banks/financial institutions.

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