Singapore, US to support financial data cross-border transfer 

Singapore, US to support financial data cross-border transfer  1

It will be allowed as long as financial regulators have access to data.

Singapore and the United States have agreed to support cross-border data transfer by financial services firms without data localisation as long as regulators have access to the data.

In a joint statement, the Monetary Authority of Singapore (MAS) and the US Department of Treasury (USDT) recognised that data mobility boosts economic growth, financial services, benefit risk management and compliance programs, thus enabling easier detection of cross-border money laundering, terrorist financing, and cyberattacks.

Data localisation requirements can strengthen cybersecurity, prevent risk management and compliance, and inhibit financial regulatory and supervisory access to information.

The two countries seek to ensure that financial service suppliers can transfer data across borders for business, oppose measures that restrict where data can be stored and processed, and guarantee that financial services suppliers can remediate lack of data access before being required to use or locate computing facilities locally.

Source: Singapore Business Review