Monetary Authority of Singapore Annual Report 2011/2012
Our Work

A Competent, Trusted and Clean Financial Centre

The private banking industry in Singapore continued its strong growth in 2011. To achieve sustainable growth, MAS is working closely with the industry to raise competencies, enhance market conduct and ensure that the financial sector is kept clean. To raise competencies, the industry is aiming to have all its new entrants pass the industry-endorsed Client Advisor Competency Standards within the next three years. This follows the industry-led development of a Private Banking Code of Conduct, which sets out key principles for sound market conduct, including enhancing transparency to clients. MAS is also fully committed to safeguarding the reputation of Singapore as a clean financial centre. In September 2011, we issued a set of guidelines to remind financial institutions that they have an important role to play in preserving the integrity of our financial system.