Regulatory Alerts2024-10-11
Added · Updated
Outsourcing of Functions and Responsibilities by Financial Institutions and Financial Intermediaries
The Namibia Financial Institutions Supervision Authority (NAMFISA) finalized Standard No. GEN S.10.10 to regulate how financial institutions and intermediaries delegate operational duties to third parties. The framework prohibits outsourcing principal business functions while permitting material activities, provided entities maintain strict risk management and compliance oversight. This regulatory update aims to mitigate systemic risks, strengthen local market capacity, and ensure consumers retain real-time access to quality financial products.
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