Extract to table

Skybridge must cooperate with OCC examinations

Given the sensitivity and regulatory significance of this data, the SkyComply™ platform must be maintained in strict compliance with all applicable BSA/AML regulations, data protection requirements, and information security standards

On-site audits are permitted only upon a demonstrated material security concern — meaning that Meridian must articulate a specific, credible basis for believing that on-site access is necessary before it can exercise that right

However, the current draft has one significant gap that must be addressed: as currently drafted, Meridian's audit rights are limited to "security controls

While the SOC 2 Type II / ISO 27001 / questionnaire framework may continue to serve as the primary mechanism for exercising these rights in most circumstances, the contractual right itself must be broad enough to cover all relevant areas

In such cases, the banking organization's risk exposure extends beyond the third party itself to encompass the subcontractor chain, and the bank's risk management practices must account for this extended exposure