Notices
 Last Revised Date: 28 June 2021

Notice 1108 Banking Secrecy – Conditions for Outsourcing

Requirements for merchant banks on protecting the confidentiality of customer information in all outsourcing arrangements.

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 (195.1 KB)
This notice applies to all merchant banks. It sets out the conditions for outsourcing operational functions when such functions involve disclosure of customer information, and which will be performed outside Singapore.

Amendment Notes

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.

Resources

MAS Notice 1108 Appendix 1: Banking Secrecy Outsourcing Conditions (15.1 KB)