The consultation paper was issued in 2022 proposing to implement changes to the misconduct reporting requirements. A summary of the key responses is as follows and the revised requirements will come into effect on 1 January 2027. FIs are expected to have internal processes to identify root cause of misconduct, implement remedial actions, and address appeals. MAS will be issuing a FAQ at a later date.
For the full details, refer to https://www.mas.gov.sg/regulation/circulars/fas-19_2025.
Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.