REGIONAL OVERVIEW OF THE OUTSOURCING OF BANKING ACTIVITIES AND ITS REGULATION AND SUPERVISION

CONTENTS

1 INTRODUCTION

2 REGIONAL OVERVIEW OF THE OUTSOURCING OF

BANKING ACTIVITIES AND ITS REGULATION AND

SUPERVISION

3 CASE STUDY: THE MAIN CHALLENGES

ARISING FROM THE OUTSOURCING OF

BANKING ACTIVITIES IN THE REPUBLIC OF ARMENIA

4 OUTSOURCING OF FINANCIAL SERVICES:

INTERNATIONAL PRACTICES

5 CONCLUSION

6 ANNEX 1: NOTIFICATIONS VS APPROVALS

7 ANNEX 2: INDIRECT SUPERVISION OF THIRD-PARTY

SERVICE PROVIDERS

8 ANNEX 3: QUESTIONNAIRE ON OUTSOURCING

9 ANNEX 4: SUMMARY OF RESPONSES 3

4

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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.