ABS issues guidelines for third-party service providers for banks

THE Association of Banks in Singapore (ABS) on Friday pushed out a set of industry guidelines for third-party service providers that work with the banking industry.

Among these guidelines is one that means financial institutions will rely on independent audit firms' audit report to obtain assurance on the integrity of these providers' controls, and effectiveness of these controls.

All the guidelines are expected to be adopted within the next 12 months.