The Monetary Authority of Singapore (MAS) has revised its Technology Risk Management Guidelines and is urging financial institutions (FIs) to implement a robust risk management framework to ensure IT and cyberresilience. The pandemic has accelerated the digitalisation at FIs. Private banks have improved their operational efficiency and private bankers have been able to stay in touch with clients during lockdowns. […]

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The Monetary Authority of Singapore (MAS) on Friday launched a consultation on the proposed requirements in relation to the management of “outsourced relevant services” by banks and merchant banks in Singapore. The Singapore Banking Act defines a relevant service as “any service obtained or received by the bank, other than a service provided in the course of employment by an […]

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The Hong Kong government and the Office of the Privacy Commissioner for Personal Data (PCPD) are jointly considering amendments to the Personal Data (Privacy) Ordinance (PDPO) with a view to strengthening the protection of personal data in Hong Kong. On 13 January 2020, the Constitutional and Mainland Affairs Bureau published a paper that was discussed at the Legislative Council Panel […]

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Reform of data protection rules lead by the revised GDPR may lead to conflicting requirements across jurisdictions, Mark Parsons, partner at Hogan Lovells, told Asian Private Banker. Since the European General Data Protection Regulation (GDPR) came into force in May last year, concerns arose around whether private banks can still rely on the common practice making use of personal data […]

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Data localisation rules are “adversely impacting” the financial services sector, prompting the European Union to strike a balance between privacy and security and the free flow of data across borders, according to the Global Financial Market Association (GFMA). “Policymakers prescribe data localisation requirements with the intention to improve resilience of key financial services, protect privacy and increase data security. Data localisation policies […]

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Data-rich organisations should scrutinise the differences between China’s recently amended data privacy rules and the more universal General Data Protection Regulation (GDPR) as the former will be used as a “compliance yardstick” for Chinese regulators, according to law firm Hogan Lovells. The personal information security landscape in China has undergone a major revamp since June 2017, when authorities set out the […]

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The Monetary Authority of Singapore (MAS), alongside the city-state’s financial institutions, is currently scrutinising the ramifications of the revised General Data Protection Regulation (GDPR) rules, which went live today. “MAS is currently working with financial institutions to better understand the implications of GDPR as well as regulations on cross-border data sharing for Singapore,” a spokesperson from MAS told Asian Private Banker. […]

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The General Data Protection Regulation (GDPR) regime that will come into force in Europe on 25 May this year will require private banks with a European presence to implement new data management policies, lawyers have warned. The impending GDPR rules grant EU citizens extended control over how data collecting entities can use their information. In addition, financial institutions are required […]

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The Securities and Futures Commission (SFC) has banned a former DBS investment counsellor from re-entering the industry for six months for the inappropriate transfer of client data. The Hong Kong regulator found Chan Wai Nun to be in breach of the bank’s internal policies, the Personal Data (Privacy) Ordinance and the SFC Code of Conduct. According to the SFC’s announcement, […]

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China may have taken “significant steps” towards enforceable data protection, but the generally piecemeal approach adopted by authorities is making compliance difficult, lawyers tell Asian Private Banker. In June, cybersecurity laws were enacted so that the applicable scope of “network operators” includes “financial institutions that collect citizens’ personal information and provide online services” – thus affecting private banks that offer online services for […]

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