Regulatory Alerts2008-12-15
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Bank of Namibia Determination on Localization of Core Banking Systems
The Bank of Namibia issued Determination BID-19 to mandate that all authorized banking institutions locate and maintain their fault-tolerant core banking systems within Namibia. This requirement aims to facilitate supervisory access to financial records and mitigate operational risks associated with shared IT infrastructure and parent companies abroad. Non-compliant institutions are required to submit implementation timetables and achieve full compliance by 31 December 2009.
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