Regulatory Alerts2023-01-01
Cloud Computing Guidelines for Financial Service Providers, 2023
The Bank of Tanzania issued these 2023 guidelines to regulate cloud computing adoption by licensed financial service providers, requiring prior written approval for non-mission-critical systems and prohibiting the offshore hosting of mission-critical data. Providers must demonstrate robust security, cost-benefit analysis, vendor capacity, and data residency through detailed evaluation criteria before implementation. The framework mandates legally enforceable cloud contracts featuring audit rights, clear exit strategies, and an annually reviewed internal policy to ensure continuous regulatory oversight and business continuity.
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