Regulatory Alerts2024-10-01
Bank of Namibia Determination on Outsourcing (BID-34)
The Bank of Namibia has issued Determination BID-34 to establish comprehensive risk management and oversight requirements for outsourcing arrangements by all authorized banking and microfinance institutions in Namibia. The regulation mandates Board-approved outsourcing policies and distinguishes between material activities requiring prior Bank authorization and non-material functions subject to internal oversight, while reserving core functions like credit lending, deposit-taking, and treasury for internal performance. It further prescribes rigorous due diligence, contractual safeguards, data security, and supervisory access to ensure operational continuity and regulatory compliance across domestic and offshore service providers.
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