The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are jointly setting up the Culture and Conduct Steering Group (CCSG) to promote ‘sound culture’ and raise conduct standards among banks in Singapore. The CCSG will be headed by Shee Tse Koon, Singapore country head of DBS Bank. It will have members from 12 other banks in Singapore, who have responsibilities in business, risk management and compliance. It is intended to 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 within the industry, including conducting industry self-assessments or updating industry codes of conduct where necessary. It will also provide a platform for exchanges within the banking industry on banking conduct and culture and sharing of best practices.
