In the case of branches of foreign banks, the CBB may consider a third party outsourcing arrangements entered by the licensee's head office/regional office as an intragroup outsourcing, provided that the head office/regional office submits to the CBB a letter of comfort which includes, but not limited to, the following conditions:
a. The head office/regional office declares its ultimate responsibility of ensuring that adequate controlling measures are in place; and
b. The head office/regional office is responsible to take adequate rectification measures, including compensation to the affected customers, in cases where customers suffer any loss due to inadequate controls applied by the third party service provider.
Added: January 2020