Regulatory Alerts2015-01-19
Added · Updated
BRPD Circular No. 02: Guidelines on Outsourcing Arrangements
Bangladesh Bank requires all bank-companies operating in Bangladesh to develop a comprehensive outsourcing policy approved by their Board of Directors and prohibits the outsourcing of core management, risk management, and core banking functions. The circular mandates prior approval from Bangladesh Bank for any outsourcing arrangements located outside the country and bans sub-contracting for material outsourcing arrangements. Banks must ensure existing engagements become compliant, including obtaining necessary approvals, within 2015, while new engagements can only commence after full compliance with these guidelines.
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