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Singapore’s MAS calls for transparency in private banking amid rising demand



Private banks are preparing for an expected increase in demand from affluent clients amid stricter sector oversight. With potential interest rate cuts in the US, wealthy clients worldwide may seek alternative investment opportunities, spotlighting the services of private banks. Singapore’s Monetary Authority (MAS) emphasises the need for these banks to maintain high market conduct and transparency standards, including clear fee disclosures and adherence to pricing agreements. This follows a MAS review, which led to a civil penalty against Credit Suisse for misconduct in its Singapore branch. Banks have responded by improving controls and training for relationship managers to ensure fair pricing and professional standards.

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