Regulatory Alerts2023-12-11
Added
MAS Notice 658 Management of Outsourced Relevant Services for Banks
The Monetary Authority of Singapore issued Notice 658 to establish comprehensive regulatory requirements for banks managing risks associated with outsourced relevant services. The Notice mandates that banks maintain a register of outsourced services and implement rigorous evaluation, monitoring, and contractual frameworks specifically for material ongoing outsourced services. It further imposes strict obligations regarding the protection of customer information, the governance of sub-contracting arrangements, and the conduct of independent audits to ensure service provider compliance and operational resilience.
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