The Central Bank seeks to promote the effective and efficient development and functioning of the banking system. To this end, any Outsourcing arrangements entered into by a Bank must be subject to appropriate due diligence, approval and ongoing monitoring, in order to identify and mitigate risks inherent in Outsourcing.

In introducing this Regulation and the accompanying Standards, the Central Bank wishes to ensure that Banks’ approaches to managing the risks inherent in Outsourcing arrangements are in line with leading international and prudent practices.

This Regulation and the accompanying Standards are issued pursuant to the powers vested in the Central Bank under the Central Bank Law.

Where this Regulation, or the accompanying Standards, include a requirement to provide information or to take certain measures, or to address certain items listed at a minimum, the Central Bank may impose requirements which are additional to the listing provided in the relevant article.