The Bank of Mauritius (BoM) is consulting on revisions to the guideline for banks licensed to carry on private banking business, with the consultation period ending on September 15, 2021. The guideline sets out the regulatory and supervisory framework applicable to banks conducting private banking business. Private banking business is defined in the Banking Act 2004 as “the business of offering banking and financial services and products to high-net-worth customers including, but not limited to, an all-inclusive money-management relationship.” BoM also published a draft guideline on the use of cloud services by financial institutions, with the consultation period ending on September 08, 2021.
The guideline on the use of cloud services lays down the minimum requirements that shall be applicable to the use of cloud services provided by third parties for material services. Where specified in the guideline, these minimum requirements shall also apply to services that involve customer information. Financial institutions are expected to follow a risk-based approach in respect of cloud services. The level of governance to be applied, the information security requirements, the types of controls to be deployed, and the level of the initial and ongoing due diligence and assurance to be performed shall be commensurate with the criticality of the services. The guideline stipulates that financial institutions that use or intend to use cloud services shall have a board-approved
cloud strategy. Post finalization, a transitional period of six months shall be granted to all financial institutions to ensure compliance with the requirements of the guideline. In addition to this guideline, the financial institutions should also comply with the Guideline on Outsourcing by Financial Institutions in the event an outsourced activity avails of the use of cloud services.
Comment Due Date: September 15, 2021(Private Banking)/September 08, 2021 (Cloud Services)
Keywords: Middle East and Africa, Mauritius, Banking, Cloud Services, Private Banking, Regtech, Cloud Computing Arrangement, Outsourcing Arrangements, SAAS, PAAS, BOM
Previous ArticleSBV Proposes to Develop Law on Bad Debt Resolution
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)