New Industry Steering Group to Elevate Culture and Conduct Standards for Banks
The Monetary Authority of Singapore (MAS) announced yesterday the creation of a new Culture and Conduct Steering Group (CCSG) in collaboration with the Association of Banks in Singapore (ABS) to raise conduct standards in the banking industry.
This follows the will of MAS to reinforce ethical business practices which protect customers’ interests and solid risk management which support the banks’ safety and soundness.
The members come from different banks in Singapore (DBS, UOB, Standard Chartered, Nomura, UBS, Bank of China, HSBC, Wells Fargo, Northern Trust, Citibank, Deutsche Bank, Malayan Banking Berhad and OCBC) who have responsibilities in business, risk management, compliance and human resource. MAS is also a member.
The CCSG will serve as a platform for industry participants to:
- Identify best practices in the area of culture and conduct and share them with the wider industry to facilitate adoption;
- Monitor trends and identify emerging conduct and culture issues within the industry; and
- Collaborate with MAS on initiatives to promote strong culture and conduct standards within the industry, including conducting industry self-assessments or updating industry codes of conduct where necessary.
Mrs Ong-Ang Ai Boon, Director of the ABS, said, “Upholding values, attitudes and behaviours that protect the interests of our customers is crucial for continued trust and confidence in Singapore’s banks. The CCSG is an important collaboration with MAS to ensure integrity and ethical behaviour.”
Date: 23rd May 2019
To read the official announcement, click here.