Regulatory Alerts2023-12-11
Added
MAS Notice 1121 Management of Outsourced Relevant Services for Merchant Banks
The Monetary Authority of Singapore issued Notice 1121 to establish comprehensive regulatory requirements for merchant banks managing risks associated with outsourced relevant services. The Notice mandates the maintenance of a semi-annual register of outsourced services and imposes strict due diligence, monitoring, and contractual obligations specifically for material ongoing outsourced services. It further enforces rigorous protections for customer information, including restrictions on sub-contracting and requirements for service provider audits and data confidentiality.
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