Regulations Governing Foreign Exchange Business of Banking Enterprises Article 21

(Application for Establishment of Foreign Exchange Processing Center or Outsource)Where a banking enterprise has established its own domestic foreign exchange processing center to process relevant foreign exchange operations, it shall submit a description of relevant operations, operating procedures, and the curricula vitae of operations and auditing personnel to the Bank for record within one week after commencing its operation.A banking enterprise may outsource its back-office operations related to foreign exchange business to a third party at its discretion without prior approval from the Bank, except for those items subject to prior approval as stipulated by the competent authority where the enterprise shall submit the outsourcing plan to the Bank in advance for approval.A banking enterprise shall keep the outsourcing records on operational items, contents, scope and the names of outsourced service providers for inspection.