Bank Supervision

Warning Notices

These notices are issued by the Central Bank to alert the public and the financial services sector, that named individuals and/or companies, may be operating in breach of the Banks and Trust Companies Regulations Act, 2000, and/or other laws of The Bahamas.

Minimum Standards for the Outsourcing of Material Functions

Published Thursday August 27th, 2009

The Central Bank recognises the need to provide guidance to its licensees on the subject of outsourcing. These Guidelines set out the Central Banks approach to outsourcing and the major issues to be considered by licensees when entering into outsourcing arrangements. Outsourcing involves a licensee entering into an arrangement with another party (including a related company) to perform a business activity which currently is, or could be, undertaken by the licensee itself. These Guidelines have not been issued to encourage outsourcing, rather, the Central Bank, for prudential reasons, continues to favour the performance of material functions by licensees, as far as practicable.

Comments on these Guidelines should be addressed to:

Policy Unit Bank Supervision Department Central Bank of The Bahamas Market Street P.O. Box N-4868 Nassau, Bahamas Tel: 242-302-2615 Fax: 242-356-3909 Email: [email protected]

Bank Supervision