• The Authority, through the rulebook, obliges the company to set internal controls regarding outsourcing.
• Companies must provide an outsourcing guide that includes a mechanism for outsourcing from inside or outside the country.
• Taking into account not to outsource any approved jobs or tasks except as permitted outsourcing establishing procedures to ensure that outsourcing arrangements do not affect the fulfilment of obligations towards clients and the Authority and do not impede supervision and control processes.
• The licensed entity bears full responsibility for any failure to perform its duties or responsibilities, breach of obligations or violation of relevant applicable legislation.
• The rulebook obligated the licensed parties to submit evidence of their commitment to conclude a written outsourcing contract with the outsourcing party and to provide the Authority with a copy of it immediately upon its conclusion and with any subsequent amendment or change with the inclusion of the contract, which gives the Authority the right to enter the premises of the outsourcing body when needed in relation to the financial activity and access to documents and data related to that and seizing any of them.
• You can refer to the Rules Handbook through the regulations link: https://www.sca.gov.ae/en/regulations.aspx by referring to the Authority’s external website www.sca.gov.ae.