Regulatory Alerts2021-07-15
Outsourcing Standards for Banks 14/2021
The Central Bank of the UAE issued Outsourcing Standards for Banks 14/2021 to mandate comprehensive risk governance, due diligence, and oversight for all banking outsourcing activities. The regulations require banks to maintain an up-to-date outsourcing register, secure explicit Central Bank non-objection for material arrangements, and ensure contractual provisions grant regulators direct supervisory access to service providers. Additionally, the standards enforce strict data protection protocols and specific Shariah compliance measures for Islamic banking institutions.
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