MAS to engage FIs more to help shape an ethical culture
Focus is on getting them to build positive cultures that reward behaviour that is right, not just legal
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Singapore
FINANCIAL institutions (FIs) can expect the Monetary Authority of Singapore (MAS) to engage them more regularly on what they are doing within their organisation to shape the right culture - a key driver of good conduct.
The regulator wants to look beyond a compliance-and-control framework to assess whether FIs have a supportive culture that applauds employees and agents for doing the right thing, "rather than just doing what is legal".
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