Regulatory Alerts2023-12-11
Added
Updates to Guidelines on Outsourcing
The Monetary Authority of Singapore amended its Guidelines on Outsourcing to exclude banks and merchant banks, which are now governed by separate Notices on Management of Outsourced Relevant Services. The revised Guidelines, effective 11 December 2024, remove banking references, add an annex for exempted outsourced services, and align business continuity management requirements with updated standards. Additionally, the regulator emphasized that financial institutions must assess third-party risks regardless of outsourcing status and indicated potential future consultations on broader third-party service guidelines.
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