The Monetary Authority of Singapore (MAS) was established as the country’s Central bank, and Financial Regulatory Authority, on 1 January 1971. The Bank passed the Monetary Authority of Singapore Act that enables MAS to exercise control over financial institutions and empowers it to regulate and supervise various statutes including the Banking Act, the Insurance Act, the Securities and Futures Act, and the Financial Advisers Act. With an aim to secure information security systems of Financial Institutes, the Monetary Authority of Singapore issued the Technology Risk Management Guidelines. These guidelines are statements of best practices that are expected to be followed by Financial Institutes to protect the customer’s financial data, transactional data, and systems. However, it has been clearly stated that these guidelines are not legally binding but form a benchmark for MAS in assessing the risk of financial institutions. LEARN MORE ABOUT MAS-TRM COMPLIANCE