27 June 2019
On 22 May 2019, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) announced the establishment of the Culture and Conduct Steering Group (“CCSG”). The CCSG aims to promote sound culture and elevate conduct standards among banks in Singapore.
The CCSG will provide a platform for industry participants to:
- identify and share best practices in the area of culture and conduct to facilitate their adoption within the wider industry;
- monitor trends and identify emerging conduct and culture issues within the industry; and
- collaborate with MAS on initiatives to promote strong culture and conduct within the industry, such as conducting industry self-assessments and updating industry codes of conduct where necessary.
The CCSG is an initiative which advances MAS’ plans to continue working with banks to strengthen ethical business practices that safeguard customers’ interests and ensure fair treatment, and prudent risk-taking behaviour and robust risk management that support banks’ safety and soundness. It comprises members from 12 other banks in Singapore. MAS is also a member of the CCSG.
Allen & Gledhill Regulatory & Compliance
To assist our clients with compliance matters, our consultancy arm, Allen & Gledhill Regulatory & Compliance, provides a range of services and solutions. Should you have any queries relating to compliance issues arising out of this development, please contact: