MAS
MASAlso called monetary Authority of Singapore
The Monetary Authority of Singapore, or MAS, is Singapore's central bank and integrated financial regulator. It conducts monetary policy and supervises banks, insurers, capital markets firms and payment service providers under one roof. It issues binding notices and guidelines on areas including AML, technology risk and the use of AI.
How it works
MAS licenses financial institutions under statutes such as the Banking Act, the Securities and Futures Act, the Payment Services Act and the Financial Services and Markets Act 2022. It sets requirements through notices, which are legally binding, and guidelines, which set expectations it uses in supervision. Notice 626 covers AML and counter-terrorist financing for banks, with parallel notices for other sectors.
MAS is closely watched across Asia because its rules often set regional practice. Its Technology Risk Management Guidelines shape how firms run IT, cloud and cyber controls. Its FEAT principles set out fairness, ethics, accountability and transparency in AI and data analytics. Firms with Singapore operations map these notices and guidelines into their global compliance frameworks.
The rules
Established MAS as a statutory board to act as central bank and regulate Singapore's financial sector.
MAS and Singapore financial institutionsSets customer due diligence, screening, record keeping and suspicious transaction reporting duties for banks. Current version amended 30 June 2025.
Banks in SingaporeSets expectations for technology risk governance, cyber security, cloud and third-party technology risk, and system resilience.
Financial institutions regulated by MASCommon questions
Is MAS a central bank or a regulator?
Both. MAS conducts Singapore's monetary policy, manages its official reserves and issues currency, and it also regulates and supervises the whole financial sector, including banks, insurers, capital markets intermediaries and payment firms. This makes it an integrated regulator.
What is the difference between a MAS notice and a guideline?
Notices are legally binding and breaches can lead to penalties. Guidelines set out MAS's expectations of sound practice. They are not binding in the same way, but MAS considers how closely a firm follows them when assessing its risk management.
What does MAS Notice 626 cover?
Notice 626 sets AML and counter-terrorist financing requirements for banks in Singapore. It covers risk assessment, customer due diligence, enhanced measures for higher-risk customers, screening, record keeping and suspicious transaction reporting. The latest amendment, dated 30 June 2025, took effect on 1 July 2025.
What are the FEAT principles?
FEAT stands for fairness, ethics, accountability and transparency. MAS published the principles in 2018 to guide financial firms using AI and data analytics in decisions about customers. They are voluntary principles that MAS has built on in later work on AI risk management.
