Two years after regulators cracked down on several banks after uncovering Malaysia’s 1MDB scandal the Monetary Authority of Singapore (MAS) says that while institutions have reformed their systems, they haven’t improved their culture.
According to managing director Ravi Menon, “Financial institutions have restored their capital, but not public trust. They have repaired their balance sheets, but not their compact with society. They have reformed their systems, but not their culture.”
Menon goes on to say that culture is critical in shaping the way that these organizations do business. As a result, the MAS will increase their supervision on conduct and culture inside financial institutions.