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US-based regulators consult on third-party relationships guidance

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The US-based federal bank regulatory agencies have requested public comment on proposed guidance designed to help banking organisations manage risks associated with third-party relationships.

This includes relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organisations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance.

Banking organisations that engage third parties to provide products or services or to perform other activities remain responsible for ensuring that such outsourced activities are conducted in a safe and sound manner and in compliance with all applicable laws and regulations, including consumer protection laws.

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