E. Related Regulations and "No Objections" Requirements
No: 41027017
Date(g): 15/12/2019 | Date(h): 18/4/1441
Effective from 2019-12-15 - Dec 14 2019 To view other versions open the versions tab on the right
8.
While deciding to outsource any function, banks should ensure that outsourcing does not reduce the protection available to depositors nor be used as a way of avoiding compliance with regulatory requirements. It is the responsibility of the bank to continue to satisfy all regulatory and legal requirements when entering into any outsourcing arrangements.
9.
Banks are not allowed to outsource any services or activities mentioned in article 19 of the Regulation of Agent Banking that has been issued under circular No. 37541/67 dated 15/06/1440 H).
10.
Banks are explicitly required to obtain a written "no objection" from SAMA for Material outsourcing to Third Party Service Providers.
