Regulatory Alerts2024-05-09
Added
MAS Notice FSM-N05 Technology Risk Management
The Monetary Authority of Singapore issued Notice FSM-N05 to establish technology risk management requirements for banks in Singapore. The notice mandates a high level of reliability, availability, and recoverability for critical IT systems while requiring IT controls to protect customer information from unauthorized access or disclosure. These requirements apply to full and wholesale banks, both locally incorporated and branches, and became effective on 10 May 2024.
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