MAS and The Association of Banks in Singapore jointly issued a paper on managing new risks that could emerge from extensive remote working arrangements adopted by financial institutions (FIs) amid the COVID-19 pandemic. The paper, “Risk Management and Operational Resilience in a Remote Working Environment” highlights possible risks to FIs in the areas of operations, technology and information security, fraud and staff misconduct, and legal and regulatory risks. It also examines the impact on people and culture that may be brought about by remote working. The paper suggests key risk management actions and examples of mitigating controls that FIs should benchmark themselves against.

The TF NRA seeks to further deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.

The MAS Enforcement Report sets out the enforcement actions taken by MAS for the reporting period of January 2019 to June 2020. The report also gives an update on the progress of MAS' enforcement priorities for 2019/2020 and outlines MAS’ key enforcement priorities for 2020/2021.