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.

MAS 1108

19 Feb 2003
Last revised on 25 May 2004*

NOTICE TO MERCHANT BANKS

BANKING SECRECY - CONDITIONS FOR OUTSOURCING

         This Notice is issued pursuant to paragraph 3 of Part II of the Third Schedule of the Banking Regulations 2001.

2       When outsourcing any operational function to a service provider such that the outsourced function will be performed by the service provider outside Singapore and disclosure of customer information (as defined in section 2 of the Banking Regulations 2001) to the service provider is involved, all merchant banks in Singapore relying on the exception provided in paragraph 3 of Part II of Third Schedule of the Banking Regulations 2001 are required to comply with the Conditions set out in the Appendix to this Notice.

3       This Notice shall take effect on 19 February 2003.

*Notes on History of Amendments:

1.   MAS Notice 1108 (Amendment) 2004 with effect from 25 May 2004.