Regulatory AlertsOutsourcing Guideline for Financial Institutions
The Central Bank of The Gambia has issued this guideline to establish a comprehensive regulatory framework for financial institutions managing third-party outsourcing arrangements. It mandates prior regulatory authorization for both material and non-material outsourcing while prohibiting the outsourcing of core functions, requiring institutions to maintain full accountability for all outsourced activities. Financial institutions must implement robust risk management frameworks, conduct thorough due diligence, and adhere to strict governance standards for offshoring, intra-group contracts, and cloud-based services.
Share