Skip to main content
Entire section Custom print Text Only Rich Text Print

9.9 Letter of No Objection from the Central Bank

N 35/2018 STA
  1. 9.9.1The Licensed Person must obtain a Letter of No Objection from the Banking Supervision Department in order to outsource specific tasks of the AML Compliance function as mentioned under Paragraph 9.1.2 (a) of this Chapter; and
  2. 9.9.2The request for the Letter of No Objection must:
    1. a)be submitted to the Banking Supervision Department in writing and at least thirty (30) calendar days before the effective date of outsourcing the function; and
    2. b)be accompanied by the following documents:
      • •the profile of the Service Provider;
      • •a draft of the service level agreement between both parties;
      • •a confirmation letter signed by the Authorized Signatory of the Licensed Person stating that an Enhanced Due Diligence Process has been applied on the Service Provider; and
      • •a confirmation letter signed by the Owner/Partners/shareholders of the Licensed Person stating that ultimate responsibility/accountability of the outsourced function remains with the Licensed Person and the Board of Directors (or with the Owner/Partners where there is no Board of Directors).