In the MonetaryAuthorityofSingapore (MAS)’s most recent revision to the Technology Risk Management Guidelines in 2021, the updated guidelines focus on addressing technology and cyber risks by financial institutions (FIs) specifically in cloud technologies, application programming interfaces and rapid software...
Singapore has urged banks to be cautious when using artificial intelligence tools to forecast inflation and to stick to time-tested structural models. The MonetaryAuthority said banks must learn from the post-pandemic inflation surge, which everyone failed to predict.
While the problems of money laundering and mule accounts continue to haunt the financial industry, fintechs are using AI to a large extent to mitigate the problem, said Kawin Boonyapredee, a member of the Cyber Risk Subcommittee for the Singapore FinTech Association.
Financial institutions must leverage artificial intelligence and other new-age authentication tools to establish a robust KYC process in the era of remote account opening, said Vishal Kapoor, head of group finance audit and risk audit and executive director at DBS Bank.
The MonetaryAuthorityofSingapore announced March 13 that it would begin regulating virtual currency exchanges to address potential money laundering and terrorist financing risks.
Globally, cloud computing is embraced as a practice beings great cost and technology efficiencies to financial institutions. But count Singapore among the nations that is proceeding cautiously while addressing security concerns, says James Lee of Trend Micro Inc.
The MonetaryAuthorityofSingapore has published a revised set of guidelines for technology risk management to help the country's financial institutions mitigate cybersecurity threats.
In a bid to reduce rising impersonation and identity theft cases, the MonetaryAuthorityofSingapore is proposing to require the use of enhanced identify verification during mobile and online banking transactions.
The MonetaryAuthorityofSingapore has given non-bank financial institutions access to e-payment platforms Fast and Secure Transfers and PayNow systems, despite security concerns.
Financial institutions' boards as well as senior management should set clear expectations for cyber risk management and then carefully monitor the efforts, according to the MonetaryAuthorityofSingapore's Cybersecurity Advisory Panel, which also stresses the need to manage supply chain risks.
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