Section 52: Electronic delivery channel

52. Electronic delivery channel (1) Banks may provide services to customers through electronic delivery channels such as the Internet. (2) Banks shall have such systems to identify, monitor and control transactional risk from the bank’s use of technology and shall provide such security for their Internet platforms, including such systems for customer authentication and for physical and logical protection against unauthorised external access by individual penetration attempts, computer viruses, denial of service, and other forms of electronic access. (3) Banks may provide operational functions themselves or contract with third party service providers, provided that third party service providers agree that their services to the bank will be subject to regulation and examination by the central bank to the same extent as if such services were being performed by the bank itself on its own premises. (4) The operational functions under subsection (3) may include item processing, web-hosting, credit checking, credit and other payment card services, customer service, data processing, internet service access and processing loan operations. (5) Banks may host web-pages of third parties or provide links to third party websites to enable banks’ customers to receive financial and nonfinancial products and services, provided that banks shall make clear to customers when they— (a) are establishing a transaction with the bank and when they are not; and (b) are leaving the website of the bank. (6) Any bank which provides services under subsection (5)— (a) shall advise customers that they do not provide or guarantee the products or services available to customers through third party websites; and (b) may receive finder’s fees for purchases by their customers of third party products or services originated from banks’ websites. [S. 52 amended by s. 3 (i) of Act 10 of 2010 w.e.f. 24 December 2010.]