OUTSOURCING REQUIREMENTS: MAS issues notices to banks and merchant banks: MAS issues notices to banks and merchant banks on management of outsourced relevant services.

The article discusses the issuance of notices by the Monetary Authority of Singapore (MAS) to banks and merchant banks regarding the management of outsourced relevant services. The notices set out requirements for ongoing outsourced services and the disclosure of customer information to service providers. MAS has also published guidelines on outsourcing in conjunction with the notices. The article also mentions MAS's requirement for financial institutions to conduct and respond to reference checks to mitigate the risk of individuals with misconduct moving between firms without disclosure. [Extracted from the article]