Response to Letter “Hold vendors to same high standards, or they may become weakest link” – The Straits Times, 14 April 2025
MAS
The Monetary Authority of Singapore (MAS) expects all financial institutions (FIs) to put in place stringent controls to protect any customer information that they disclose to their third-party vendors. These vendors would include printing agencies like Toppan Next Tech (TNT). FIs are expected to regularly review and affirm that the controls of their vendors are adequate to safeguard the confidentiality of customer information. Even with the appropriate controls, occasional breaches may still occur. Where there is an unauthorised disclosure of customer information by a vendor, the FI must act quickly to mitigate the impact to its customers. This means preventing further loss of customer information and communicating with customers promptly to advise them on what they need to do to prevent the information from being exploited.
