(1) With the approval of the Central Bank, a credit bureau may, in accordance with the Regulations, outsource or otherwise subcontract the processing of credit information in its possession or control to an entity based or operating outside the Currency Union.
(2) The Central Bank shall not approve the transfer of personal data from the Currency Union to a place outside the Currency Union, if the Central Bank reasonably believes that the credit information is not protected or is not likely to be protected in a like or similar manner or an otherwise equivalent manner as provided under this Act.