Singapore Changes Its Strategic Goods Control List

The Singapore government has amended its list of strategic goods and technology that are controlled for export from or transit through Singapore. The amendments are implemented in the Strategic Goods (Control) Order 2020 (SGCO 2020) which came into effect from 16 November 2020. The amendments affect a range of military and dual-use goods but do not change the scope of the controls that apply to strategic goods and technology.

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MAS Issues Guidelines to Strengthen Responsibility and Ethical Behaviour in the Financial Industry

The Monetary Authority of Singapore (MAS) issued new Guidelines on Individual Accountability and Conduct (Guidelines) on 10 September 2020. The Guidelines set out five outcomes that financial institutions (FIs) should achieve to promote clear accountability of senior managers in key functions and promote ethical behaviour in the FIs. The Guidelines were accompanied by an Information Paper and FAQs to help FIs achieve the five outcomes.

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Review of Recent PDPC Decisions - September 2020

Decisions published by the Personal Data Protection Commission in September 2020 highlight the importance of imposing contractual data protection obligations on vendors that will possess or access personal data. Organisations should also implement a password management policy, conduct properly-scoped pre-launch testing of IT features and cease retaining personal data that are no longer necessary.

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Review of PDPC August Decisions

Decisions published by the Personal Data Protection Commission in August 2020 highlight the importance of having security measures - reasonable and appropriate to the type of personal data processed and nature of processing undertaken - in order to protect data in compliance with the Personal Data Protection Act 2012. Organisations using IT systems to collect and process personal data must conduct rigorous pre-launch testing and regular security reviews.

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MAS Consults on a New Omnibus Act for the Financial Sector

The Monetary Authority of Singapore (MAS) published a consultation paper on the New Omnibus Act for the Financial Sector. The proposed new omnibus Act (the New Act) will consolidate provisions in the MAS Act into one legislation. The New Act will also include additional provisions relating to the expanded power to issue prohibition orders, expansion of the scope of AML/CFT, imposition of technology risk management requirements and an approved dispute resolution scheme with statutory protection from liability.

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