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Article 8: Non-Objection by the Central Bank

C 14/2021 Effective from 31/5/2021
  1. 8.1 Prior to Outsourcing any material activity, including to any related party, Banks must obtain a prior notice of non-objection from the Central Bank.
     
  2. 8.2 Although all requests for non-objection will be considered on their individual merits, the Central Bank will, in general, not permit the Outsourcing of core banking activities, and key management and control functions, including:
     
    1. 8.2.1 Senior Management oversight;
       
    2. 8.2.2 Risk management;
       
    3. 8.2.3 Compliance;
       
    4. 8.2.4 Internal audit; and
       
    5. 8.2.5 Management of risk-taking functions including credit, investment and treasury management.