Regulatory Alerts2008-08-27
Determination on Localization of Core Banking Systems
The Bank of Namibia issued Determination BID 19 to mandate the localization of fault-tolerant core banking systems for all authorized domestic banking institutions. This requirement ensures critical accounting and financial records are retained locally, enabling effective supervisory oversight while mitigating operational risks associated with shared South African IT infrastructure. Authorized institutions must maintain systems that meet Namibian business days, clearing cut-off times, and robust contingency standards by 31 December 2009.
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