Regulatory Alerts2021-06-29
Added
MAS Notice 657 Privacy of Customer Information – Conditions for Disclosure of Customer Information by Auditors
The Monetary Authority of Singapore issued Notice 657 to establish strict conditions under which auditors may disclose customer information to Accounting and Corporate Regulatory Authority employees. Auditors are prohibited from sharing such data unless the disclosure serves solely for practice reviews of their audit work, is limited to information originally provided by the bank, and is preceded by written notification from ACRA. This regulatory framework ensures that customer privacy is maintained while facilitating necessary regulatory oversight of auditing practices.
Topics
privacy
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