Regulatory Alerts2024-10-11
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Credit Bureau Industry Comments on FIMA General Standard 10.10-2024
Credit Info Bureau Namibia submitted industry comments on the FIMA General Standard 10.10-2024, which mandates financial institutions and intermediaries to govern outsourced functions through designated board oversight, risk reporting, and data security protocols. The submission seeks clarification on whether credit bureaus fall under the standard’s regulatory scope, specifically addressing reporting frequencies, cross-border hosting access, and compliance timelines for pre-existing partnerships. It further outlines operational impacts regarding notification burdens, existing partnership transitions, and breach consequences to ensure streamlined regulatory alignment.
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