Regulatory Alerts2024-10-11
Added · Updated
Outsourcing of Functions and Responsibilities by Financial Institutions and Financial Intermediaries
The Namibia Financial Institutions Supervision Authority has issued Standard No. GEN S.10.10 to regulate third-party outsourcing across the financial sector. The standard prohibits financial institutions from outsourcing their principal business functions while permitting material activities, provided they maintain robust risk management controls. These requirements are designed to mitigate systemic risks, build local capacity, and guarantee consumers continuous access to quality financial products.
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