Financial Institutions in Singapore to Ensure a Culture of Responsibility and Accountability Applies from the Top Down
30 September 2020
The Monetary Authority of Singapore (MAS) has issued its finalised Guidelines on Individual Accountability and Conduct, which will come into effect on 10 September 2021.
Most financial institutions regulated by the MAS will be covered by the new Guidelines. They will accordingly need to clearly identify and delineate the responsibilities of senior management and material risk personnel.
This bulletin explores the key features of the Guidelines and considers the steps that can be taken to comply with the new regime.