2
SUPERVISION OF OUTSOURCING OF DIGITAL SERVICES BY BANKS
CONTENTS 1
INTRODUCTION
3
2
REGIONAL OVERVIEW OF THE OUTSOURCING OF BANKING ACTIVITIES AND ITS REGULATION AND SUPERVISION
4
3
CASE STUDY: THE MAIN CHALLENGES ARISING FROM THE OUTSOURCING OF BANKING ACTIVITIES IN THE REPUBLIC OF ARMENIA
9
4
OUTSOURCING OF FINANCIAL SERVICES: INTERNATIONAL PRACTICES
14
5
CONCLUSION
20
6
ANNEX 1: NOTIFICATIONS VS APPROVALS
21
7
ANNEX 2: INDIRECT SUPERVISION OF THIRD-PARTY SERVICE PROVIDERS
24
8
ANNEX 3: QUESTIONNAIRE ON OUTSOURCING
25
9
ANNEX 4: SUMMARY OF RESPONSES
27
ACKNOWLEDGMENTS This case study is a knowledge product of AFI’s Eastern Europe and Central Asia Policy Initiative (ECAPI) and its members. Authors and contributors: AFI is grateful to the task group experts from Central Bank of Armenia: Mariam Yeghiazaryan (lead author), Asya Bekyan, Armine Karapetyan and Vahe Petrosyan, and from The Central Bank of the Russian Federation: Nadezhda Prasolova and Ekaterina Seredkina. Jaheed Parvez (Technical Specialist) and Eliki Boletawa (Head, Policy Programs and Regional Initiatives) from the AFI Management Unit have contributed to the development of the case study. We would like to thank AFI member institutions, partners and donors for generously contributing to development of this publication. © 2021 (April), Alliance for Financial Inclusion. All rights reserved.
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