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Treasury and Singapore Monetary Authority Sign Cybersecurity MoU

Treasury and the Monetary Authority of Singapore ("MAS") finalized a bilateral memorandum of understanding ("MoU") on Cybersecurity Cooperation. The announcement was made during Vice President Kamala Harris's visit to Singapore, during which both the U.S. and Singapore acknowledged that enhanced cooperation in "new domains" is important for addressing twenty-first century cybersecurity challenges.

The MoU formalizes and bolsters Treasury and MAS's existing cybersecurity partnership by enhancing cooperation between the agencies with respect to:

  • conducting activities, such as cross-border exercises, to develop cybersecurity proficiencies;

  • staff education and "study visits" to advance cooperation in the area of cybersecurity; and

  • the exchange of information relating to the financial sector, including information pertaining to regulations and regulatory guidance, incidents, and "threat intelligence" involving cybersecurity.

Treasury Secretary Janet L. Yellen said the cooperation agreement will "serve to improve the cyber resilience of both countries' financial systems."

Primary Sources

  1. Treasury Press Release: The United States Department of the Treasury and the Monetary Authority of Singapore Finalize a Memorandum of Understanding on Cybersecurity Cooperation

Tags

Regulated Activities
Cross-Border Data Protection / Cybersecurity Regulatory Oversight
Sub-Activity
Regulatory Co-operation
Regulated Entities
Regulatory Agencies
Jurisdiction
US - Federal
Impacted Foreign Jurisdiction
Singapore
Organization
Treasury / FinCEN / OFAC / CFIUS
Sub-Author
Treasury