Regulatory Alerts2020-04-07
Outsourcing
The Banking Supervision Department amended Proper Conduct of Banking Business Directive no. 359A to facilitate compliance during the COVID-19 pandemic. The primary change defers the implementation start date from March 31, 2020, to September 30, 2020, allowing banks additional time to prepare for outsourcing requirements. The amendments entered into effect upon publication of the circular.
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