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    • MAS
    • Notices

    Last revised date:

    • MAS Notice No.: CBN01 Issue Date: 28 May 2021 NOTICE TO LICENSED CREDIT BUREAUS AND APPROVED MEMBERS CREDIT BUREAU ACT 2016, CAP.
    • PDPC
    • Public Consultations

    Last revised date:

    • 2 -------- 2.1 We agree with the proposed concurrent application of PDPA’s data breach notification requirements with that of other laws and sectoral regulations (such as the MAS Technology Risk Management Notice and Guidelines, the MAS Outsourcing Guidelines and the impending
    • We first established business in Singapore in 1925 and American Express operates in Singapore through a branch of American Express International, Inc., that has been licensed as a financial institution by the MAS under Section 57 of the Banking Act to issue credit and charge
    • PDPC
    • Commission's Decisions

    Last revised date:

    • Material Facts 2 The Organisation is a multinational insurance company that offers various types of insurance plans to its policyholders. 3 On 8 June 2017, the Monetary Authority of Singapore (“MAS”) informed the Organisation that it had received a complaint on the unauthorised
    • In fact, even till as late as 8 June 2017, when MAS notified the Organisation of the Incident, no security arrangements were implemented to prevent such incidents.
    • The Organisation was unaware of the Incident prior to the notification from MAS. The Organisation in turn notified the Personal Data Protection Commission -------- Aviva Ltd [2018] SGPDPC 4 (“Commission”) on 15 June 2017.
    • PDPC
    • Public Consultations

    Last revised date:

    • However, MAS representative during the briefing has an alternative view. Proposed that PDC provide further guidance to address this.
    • With the above code of practice by the specific sectors, the data format to be exchange could be standardised and published by ABS or MAS.
    • The minimum standard of data should also take into consideration industry specific regulator expectations on acceptable use of data (e.g. the MAS’ expectations on open banking).
    • PDPC
    • Commission's Decisions

    Last revised date:

    • Material Facts 2 The Organisation is a multinational insurance company that offers various types of insurance plans to its policyholders. 3 On 8 June 2017, the Monetary Authority of Singapore (MAS) informed the Organisation that it had received a complaint on the unauthorised
    • In fact, even till as late as 8 June 2017, when MAS notified the Organisation of the Incident, no security arrangements were implemented to prevent such incidents.
    • The Organisation was unaware of the Incident prior to the notification from MAS. The Organisation in turn notified the Personal Data Protection Commission -------- Aviva Ltd [2018] SGPDPC 4 (Commission) on 15 June 2017.
    • PDPC
    • Public Consultations

    Last revised date:

    • For example, banks are required to notify MAS of relevant incidents as defined in MAS Notice 644.
    • In the event that a bank experiences a data breach which meets the definition in MAS Notice 644 and also meets the criteria for notifying the PDPC and affected individuals under the PDPA, the bank would have to notify MAS and the PDPC, and to notify the affected individuals according
    • Monetary Authority of Singapore (“MAS”) Notices 127 and 644 on Technology Risk Management36) in the following manner: a) b) where the organisation is required to notify a sectoral or law enforcement agency of a data breach under other written law, and that data breach meets the criteria
    • MAS
    • Speeches

    Last revised date:

    • . * * * * Author’s Note: I am grateful for discussions with Edward Robinson, Andrew Colquhoun, Yin Sze Liew and Dingxuan Ng at the Monetary Authority of Singapore, and for their background research . References Acemoglu, D. and Restrepo, P. 2018.
    • MAS
    • Speeches

    Last revised date:

    • Such a multi-dimensional approach required close co-ordination among the Monetary Authority of Singapore, the Ministry of Finance, and the Ministry of National Development. So, where does all this leave monetary policy?
    • MAS
    • Guidelines

    Last revised date:

    • These guidelines apply to all direct insurers licensed to carry on general business (except captive insurers and marine mutual insurers) and any actuary approved by MAS to conduct an investigation into an insurer’s liabilities in respect of general insurance policies.
    • MAS
    • Economic Essays

    Last revised date:

    • The views expressed herein are the authors and do not necessarily represent those of the Monetary Authority of Singapore. 1 -------- 112 Macroeconomic Review | April 2023 two absorption problems, specifically how changes in asset prices can induce or exacerbate macroeconomic fluctuations