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.
Notices
Last Revised Date: 10 December 2024
Notice 1108 Banking Secrecy – Conditions for Outsourcing [Cancelled]
This Notice was cancelled with effect from 11 December 2024.
Operational Risk
Outsourcing
Third-Party Risk Management
Issued pursuant to:
Banking Act (Cap. 19) Third Schedule Part II paragraph 3
Applies to:
Merchant Bank (Locally Incorporated)
,
Merchant Bank (Branch)
View Notice
Notice 1108 Banking Secrecy – Conditions for Outsourcing [Cancelled]
(57.4 KB)
Please refer to Notice 1121 on Management of Outsourced Relevant Services for Merchant Banks.
11 Dec 2024 MAS Notice 1108 is cancelled.
01 Jul 2021 MAS Notice 1108 dated 28 Jun 2021 takes effect. MAS Notice 1108 dated 19 Feb 2003 (last revised on 25 May 2004) is cancelled (179.2 KB) .
25 May 2004 MAS Notice 1108 (Amendment) 2004 takes effect.
19 Feb 2003 MAS Notice 1108 dated 19 Feb 2003 takes effect.
Guidelines for financial institutions on risk management of outsourcing arrangements.
Sets out the conditions for banks when outsourcing cash and cheque-related transactional services to another bank in Singapore.