Data Sovereignty Handbook for Financial Institutions

This document is a handbook designed for banks and non-bank data ecosystem partners in Singapore, focusing on data sovereignty and cross-border data sharing. It addresses the complexities financial institutions face due to varying data sovereignty regulations across jurisdictions. The handbook outlines the importance of compliance with these regulations to avoid legal penalties and maintain customer trust. It provides practical guidance on managing data sovereignty risks, including regulatory requirements, risk assessment, technological solutions, and best practices. The document emphasizes the need for banks to proactively manage these risks to protect sensitive information and ensure compliance with evolving regulations. It is intended to serve as a valuable resource for compliance officers, technology executives, risk managers, and business leaders in navigating the challenges associated with data sovereignty. The handbook builds on previous guidance from the ABS Data Sharing Handbook and aims to enhance awareness of regulatory considerations to facilitate cross-border data flows.