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MAS places emphasis on shaping right culture within financial institutions
FINANCIAL institutions (FIs) can expect the Monetary Authority of Singapore (MAS) to engage them more regularly on what they are doing within the organisation to shape the right culture.
This comes as the regulator is interested in looking beyond the existence of the compliance and control framework to assess that FIs have a supportive culture that incentivises employees and agents to do the right thing, "rather than doing just what's legal".
Lee Boon Ngiap, MAS assistant managing director of capital markets, made the point at the annual Life Insurance Association (LIA) Singapore on Monday.
MAS will be placing greater emphasis on individual accountability for meeting conduct standards and expectations, including that of supervisors of staff involved in misconduct, he said, adding that enforcement actions will be considered against those who commit serious misconduct.