Key Measures Financial Institutions should note in the current Novel Coronavirus outbreak

POSTED ON: Thursday 13 Feb 2020 BY: rhtgoc

The Monetary Authority of Singapore (“MAS”) issued an advisory on 7 February 2020 advising Financial Institutions (FIs) in Singapore to adopt additional measures recommended by the Ministry of Health (“MOH”) and the Ministry of Manpower (“MOM”) following the raising of the Disease Outbreak Response System Condition (“DORSCON”) Alert Level from Yellow to Orange.

MAS advises FIs to ensure the following when carrying out their business continuity plans:

  • Continue to maintain effective internal controls across their operations should split team arrangement be implemented;
  • Anticipate and be prepared to manage any increase in demand for certain financial services, such as cash withdrawal or online financial services;
  • Inform customers promptly of the availability of services and operating hours; and
  • Monitor and support staff morale.

MAS also reminded FIs to stay vigilant as there are cases of cyber threat actors taking advantage of the situation to conduct email scams, phishing and ransomware attacks. MAS has been informed about scammers impersonating MOH contact tracing officials and requesting for financial information from individuals. MAS advised the public to call the MOH hotline to verify if such calls are genuine.

RHT Compliance Solutions (“RHTCS”) recommends for FIs and companies to step up their Business Continuity Plans (BCP) so as to be prepared in the event of a widespread community transmission.

As advised by MOH, companies should:

  • Defer / cancel non-essential business travel to Hubei or Mainland China
  • Cancel / postpone large scale events
  • Advise employees to adopt good personal hygiene practices
  • Increase the frequency of cleaning in commonly used areas
  • Refer to MOH and MOM websites (www.moh.gov.sg/2019-ncov-wuhanwww.mom.gov.sg/2019-ncov) for the latest updates

Full details can be found in the link below

Should you have any questions / clarification, please do not hesitate to reach out to RHT Compliance Solutions (“RHTCS”).