Guidelines on Singapore’s Individual Accountability and Conduct Regime

The Monetary Authority of Singapore (MAS) issued the Guidelines on Individual Accountability and Conduct which come into effect on 10 September 2021. It is aimed at strengthening the accountability of senior mangers in key functions in financial institutions and promote ethical behaviour in the financial sector. The Individual Accountability and Conduct regime in Singapore has parallels with other accountability regimes such as the UK’s Senior Managers and Certification Regime and Hong Kong’s Manager in Charge Regime.

Let’s look at some key elements of Singapore’s Individual Accountability and Conduct regime:

Financial Institutions need to achieve 5 outcomes to promote clear accountability and proper conduct.