Regulatory Alerts2023-12-11
Added
Guidelines on Outsourcing (Banks)
The Monetary Authority of Singapore issued these Guidelines to establish risk management expectations for banks engaging in ongoing outsourced relevant services. The document mandates that banks maintain board and senior management oversight, conduct rigorous due diligence on service providers, and implement robust contractual safeguards including termination rights. It further requires banks to notify MAS of adverse developments and ensures that outsourcing arrangements do not compromise the institution's compliance with Singapore laws or operational resilience.
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