ROBUST, TRUSTED, DYNAMIC AND
PURPOSEFUL FINANCIAL CENTRE
- A ROBUST FINANCIAL CENTRE
- Industry Tests
- Securities, Futures and Over-the-Counter Derivatives
- International Supervisory Cooperation
A ROBUST FINANCIAL CENTRE
MAS published in April 2015 a framework for identifying and supervising domestic systemically important banks (D-SIBs). D-SIBs are banks that are assessed to have a significant impact on the stability of the financial system and the proper functioning of the broader economy. Banks that are designated as D-SIBs will be required to comply with policy measures to address the risks that they may pose to the financial system. These include local incorporation of retail operations for foreign bank branches with a significant retail presence, higher capital requirements, recovery and resolution planning, and LCR requirements.
Guidance on Private Banking Controls
MAS issued the Guidance on Private Banking Controls in June 2014 and held industry briefings to help financial institutions strengthen controls and risk management practices in their private banking businesses. The guidance covered areas such as anti-money laundering and countering the financing of terrorism (AML/CFT), fraud prevention and investment suitability. The report drew on the industry practices observed from MAS' review of the private banking operations of Singapore-based banks and merchant banks and also set out MAS' supervisory expectations. Many of the sound practices and areas for improvement shared in the report are equally relevant for other client-facing businesses of financial institutions.