Regulatory Alerts2024-05-09
Added
Notice FSM-N13 Technology Risk Management
The Monetary Authority of Singapore issued Notice FSM-N13 to mandate high standards for the reliability, availability, and recoverability of critical IT systems for designated payment system operators and settlement institutions. The regulation requires these entities to implement robust IT controls to protect customer information from unauthorized access or disclosure. This notice became effective on 10 May 2024 and includes specific instructions and templates for incident notification and reporting to the regulator.
Notices
Published Date: 09 May 2024
Requirements on technology risk management for operators and settlement institutions of designated payment systems and holders of payment services licence (digital payment token service).
Technology Risk
Issued pursuant to: Financial Services and Markets Act 2022
Applies to:
Designated Payment System Operator
,
Designated Payment System Settlement Institution
View Notice
Notice FSM-N13 Technology Risk Management
(69.4 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-N13 (69.4 KB) is effective from 10 May 2024.
Instructions on Incident Notification and Reporting to MAS
Incident Reporting Template