Licensed credit bureaus will be required to establish a Code of Conduct and comply with requirements on technology risk management and cyber security.
MAS (Monetary Authority of Singapore) has issued its consultation response on draft regulations and notices applicable to licensed credit bureaus and approved members regulated under the Credit Bureau Act 2016.
The consultation was issued in October 2020, proposing to better regulate credit bureaus and credit reporting businesses in areas such as fees, governance, dispute resolution standards, data security, technology risk management, and cyber hygiene.
The consultation had proposed that credit bureaus be required to establish a Code of Conduct to govern issues such as the dispute resolution process, where a Dispute Resolution Committee must be formed to resolve complaints and data disputes, and an Approved Members Committee to review and coordinate operational matters concerning the credit reporting processes between the approved members and the credit bureau.
In its consultation response, MAS said the requirements under the Code of Conduct will be expanded to cover matters relating to data integrity, data reporting…
