MAS Compliance 101: Key Regulations for Financial Institutions in Singapore

The Monetary Authority of Singapore (MAS) is both the central bank and chief financial regulator of Singapore. As such, they publish best practices (“Guidelines”) and legally binding regulations (“Notices”) regarding technology risk management and cyber hygiene. Mandatory requirements include: Notice on Technology Risk Management (FSM N21) Notice on Cyber Hygiene (FSM N22) Notice on Management of Outsourced Relevant Services for Banks (MAS Notice 658) and Merchant Banks (MAS Notice 1121) The MAS Technology and Risk Management (TRM) Guidelines offer best practice standards that provide…

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