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5.2 Access to the Outsourcing Service Provider by the Central Bank

C 14/2021 STA

The Central Bank requires the same access for supervisory purposes to business activities that have been outsourced as it would have if the business activity were undertaken by the Bank itself.

Normally, the Central Bank will obtain any information it requires from the Bank. However, each outsourcing agreement must include explicit provisions requiring the outsourcing service provider to provide directly to the Central Bank, upon request, any data or information the Central Bank deems necessary for supervisory purposes.

In addition, outsourcing agreements must provide that the Central Bank and any agent appointed by the Central Bank, may, if deemed necessary, conduct on-site visits at the outsourcing service provider with right of access to data and staff as if the activity were undertaken by the Bank.