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Banks must inform the CBB, in writing, of the following:

(a) Any material problems or changes encountered with an outsourcing provider (ref. OM-3.3.4);
(b) Any proposed ownership changes (whether in terms of structure or identity of controllersG ) prior to the change taking place and any change in controllersG as a result of circumstances outside the bank's knowledge and/or control (ref GR-5.1.7); and
(c) Any dismissal or suspension of any staff in internal audit, risk management, AML, compliance function or internal Shari'a review of the bank. The notification must include the reason for the dismissal or suspension of such individual.
Amended: April 2014
Added: July 2011
(2 Versions)
Jul 1 2011 - Mar 31 2014Apr 1 2014 onwards
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