Regulatory Alerts2024-12-10
Added
Notice 1108 Banking Secrecy – Conditions for Outsourcing
The Monetary Authority of Singapore issued Notice 1108 to establish conditions for merchant banks outsourcing cash and cheque-related transactional services to other banks in Singapore. This regulatory guidance specifically addressed banking secrecy requirements and risk management protocols for such third-party arrangements. The notice was officially cancelled effective 11 December 2024, with relevant requirements now governed by Notice 1121 on the Management of Outsourced Relevant Services.
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