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Revised Outsourcing Framework for Banks

Revised Outsourcing Framework for Banks

BSP Circular No. 765 | 2012-08-03

BANGKO SENTRAL NG PILIPINAS 
OFFICE OF THE GOVERNOR
 
CIRCULAR NO. 765 
Series of 2012

Subject: Revised Outsourcing Framework for Banks

The Monetary Board, in its Resolution No. 1179 dated 19 July 2012, approved the revisions to the outsourcing framework of banks, amending the entirety of Section X162 (2008 — X169) and other relevant provisions of the Manual of Regulations for Banks (MORB).

1. Section X162 of the MORB [(2008 — X169) Duties and Responsibilities of Banks and their Directors/Officers in All Cases of Outsourcing of Banking Functions] is re-titled and amended to reflect a statement of principle which shall...