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In this annual webinar series, we are putting a spotlight on warehousing arrangements. Our speakers will update you on legislative and customs developments, share insights into the current practices of authorities, and provide practical tips on how you can identify opportunities, maximize benefits and mitigate risks when utilizing these warehouses as part of your supply chain solutions.

The ASEAN Model Contractual Clauses are contractual terms and conditions that may be voluntarily adopted by companies as a legal basis for the cross-border transfer of data. The ASEAN MCCs are primarily designed for transfers of personal data between ASEAN nations, but can also be adapted with appropriate modifications for data transfers between businesses within Singapore or transfers to countries outside the Association of Southeast Asian Nations.

With effect from 1 September 2019, organizations are generally not allowed to collect, use or disclose National Registration Identity Card numbers and copies of NRIC and other national identification numbers, except in certain specified circumstances. Notwithstanding clear guidance documents issued by the Personal Data Protection Commission, it appears that some organizations continue to collect, use or disclose such national identification numbers in breach of the Personal Data Protection Act.

The Monetary Authority of Singapore (MAS) has released for consultation the proposals in its paper, FI-FI Information Sharing Platform for AML/CFT, which will require Financial Institutions to share with each other information on customers or transactions, where they cross material risk thresholds, on a secured digital platform owned and operated by MAS to be named ‘Collaborative Sharing of ML/TF Information & Cases

In a curated Roundtable session, hosted by the Singapore Economic Development Board (EDB) and Baker McKenzie Wong & Leow, representatives from large multinationals across a diverse range of sectors joined the EDB and the Inland Revenue Authority of Singapore to discuss global tax reforms led by the Organisation for Economic Co-operation and Development and future differentiations in Singapore’s economic strategy.