Resources for Banks
Notices
Important dates to note:- Notice 658 on Management of Outsourced Relevant Services for Banks issued on 11 December 2023 takes effect on 11 December 2024.
- Notice 1121 on Management of Outsourced Relevant Services for Merchant Banks issued 11 December 2023 takes effect on 11 December 2024.
Notice on Management of Outsourced Relevant Services for Banks
The Notice sets out requirements on ongoing outsourced relevant services of banks in Singapore, with a focus on services that are material, as well as requirements on outsourced relevant services which involve the disclosure of customer information by banks to service providers.
MAS Notice 658 dated 11 December 2023 takes effect on 11 December 2024.
Notice on Management of Outsourced Relevant Services for Merchant Banks
The Notice sets out requirements on ongoing outsourced relevant services of merchant banks in Singapore, with a focus on services that are material, as well as requirements on outsourced relevant services which involve the disclosure of customer information by merchant banks to service providers.
MAS Notice 1121 dated 11 December 2023 takes effect on 11 December 2024.
Guidelines and Information Paper
Important dates to note:
- Guidelines on Outsourcing issued on 27 July 2016 (last revised on 5 October 2018) is in effect until 10 December 2024.
- Guidelines on Outsourcing (Banks) issued on 11 December 2023 takes effect on 11 December 2024.
Guidelines on Outsourcing
These guidelines set out MAS’ expectations of financial institutions on risk management of outsourcing arrangements.
Guidelines on Outsourcing dated 27 July 2016 (last revised on 5 October 2018) is in effect until 10 December 2024.
Guidelines on Outsourcing (Banks)
These guidelines set out MAS’ expectations of banks and merchant banks on risk management of outsourcing arrangements and should be read in conjunction with the Notices on Management of Outsourced Relevant Services for Banks/Merchant Banks.
Guidelines on Outsourcing (Banks) dated 11 December 2023 takes effect on 11 December 2024.
Information Paper on Operational Risk Management - Management of Third-Party Arrangements
MAS conducted thematic inspections on the operational risk management standards and practices of selected banks, with a focus on third-party risk management. The paper sets out MAS’ supervisory expectations, good practices, improvement areas and case examples observed from the inspections.
Consultation Paper and Responses
Consultation Paper on Notices to Banks and Merchant Banks on Management of Outsourced Relevant Services
Read the consultation paper and MAS’ response to feedback received on Notices to Banks and Merchant Banks on Management of Outsourced Relevant Services.
Consultation Paper on Outsourcing by Banks and Merchant Banks
Read the consultation paper and MAS’ response to feedback received on Outsourcing by Banks and Merchant Banks in relation to proposed revisions to the regime governing banks’ and merchant banks’ outsourcing arrangements, including proposed amendments to the Banking Act.
Other Resources for Banks
Outsourcing Register Template
- MAS has published a template of Outsourcing Register (version 1.1) that banks and merchant banks should adopt for outsourcing register submissions to MAS from 11 December 2024.
- In the interim, banks and merchant banks should continue with submissions using the existing template (version 1) of the outsourcing register until 10 December 2024.
Notices
Resources for Financial Institutions other than Banks
Guidelines and Information Paper
Important dates to note:
- Guidelines on Outsourcing issued on 27 July 2016 (last revised on 5 October 2018) is in effect until 10 December 2024.
- FAQ on MAS Guidelines on Outsourcing issued on 27 July 2016 was last revised on 11 December 2023.
- Guidelines on Outsourcing (Financial Institutions other than Banks) issued on 11 December 2023 takes effect on 11 December 2024.
Guidelines on Outsourcing
These guidelines set out MAS’ expectations of non-bank financial institutions on risk management of outsourcing arrangements.
Guidelines on Outsourcing dated 27 July 2016 (last revised on 5 October 2018) is in effect until 10 December 2024.
FAQ on MAS Guidelines on Outsourcing
The FAQ provides clarifications to some frequently asked questions on MAS Guidelines on Outsourcing.
FAQ on MAS Guidelines on Outsourcing dated 27 July 2016 was last revised on 11 December 2023.
Guidelines on Outsourcing (Financial Institutions other than Banks)
These guidelines set out MAS’ expectations of non-bank financial institutions on risk management of outsourcing arrangements.
Guidelines on Outsourcing (Financial Institutions other than Banks) dated 11 December 2023 takes effect on 11 December 2024.
Information Paper on Operational Risk Management – Management of Third-Party Arrangements
MAS conducted thematic inspections on the operational risk management standards and practices of selected banks, with a focus on third party risk management. The paper sets out MAS’ supervisory expectations, good practices, improvement areas and case examples observed from the inspections.