Notice 1108 Banking Secrecy – Conditions for Outsourcing

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

Operational Risk

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.

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.

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

Guidelines

Last Revised Date: 05 October 2018

Guidelines on Outsourcing

Guidelines for financial institutions on risk management of outsourcing arrangements.

Operational Risk Guidelines on Risk Management Practices
FAQs

Published Date: 27 July 2016

FAQ on MAS Guidelines on Outsourcing

Provides clarifications to some frequently asked questions on MAS Guidelines on Outsourcing.

Operational Risk
Circulars

Published Date: 20 November 2002

Outsourcing of Cash and Cheque-related Transactional Services to Another Bank

Sets out the conditions for banks when outsourcing cash and cheque-related transactional services to another bank in Singapore.

Operational Risk

Notice 1108 Banking Secrecy – Conditions for Outsourcing

Amendment Notes

Resources