Regulatory Alerts2021-03-10
Outsourcing Forms - March 2021
The Saudi Central Bank (SAMA) issued this directive to standardize third-party outsourcing applications and align them with Circular No. 4102/2017, requiring banks to submit a revised form with all mandatory attachments in PDF or WORD format. The updated framework mandates comprehensive risk assessments, confirmed regulatory compliance across information security and cybersecurity controls, and explicit contractual clauses covering termination rights, data access, and subcontracting limitations. Foreign bank branches must additionally demonstrate enforceable service level agreements with head offices, secure domestic data copies, and confirm customer consent for cross-border information sharing.
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