Regulatory Alerts2024-05-09
Added
MAS Notice FSM-N11 Technology Risk Management
The Monetary Authority of Singapore issued Notice FSM-N11 to mandate technology risk management standards for merchant banks in Singapore. The regulation requires institutions to ensure high reliability, availability, and recoverability of critical IT systems while implementing controls to protect customer information from unauthorized access. This notice became effective on 10 May 2024 under the Financial Services and Markets Act 2022.
Notices
Published Date: 09 May 2024
Requirements on technology risk management for merchant banks in Singapore
Technology Risk
Issued pursuant to: Financial Services and Markets Act 2022
Applies to:
Merchant Bank (Branch)
,
Merchant Bank (Locally Incorporated)
View Notice
Notice FSM-N11 Technology Risk Management
(69.6 KB)
This Notice sets out requirements for a high level of reliability, availability and recoverability of critical IT systems and to implement IT controls to protect customer information from unauthorised access or disclosure.
09 May 2024
MAS Notice FSM-N11 (69.6 KB) is effective from 10 May 2024.
Instructions on Incident Notification and Reporting to MAS
Incident Reporting Template