SG MAS AI Governance
Monetary Authority of Singapore AI Governance Requirements for Financial Institutions
First mandatory AI governance requirements in Singapore, shifting from voluntary Model AI Governance Framework to binding obligations for financial sector. Establishes three mandatory focus areas: oversight and governance, risk management systems, and development/validation/deployment protocols.
Jurisdiction
Singapore
SG
Enacted
Dec 1, 2024
Effective
Dec 1, 2024
Enforcement
Monetary Authority of Singapore (MAS)
Mandatory requirements for regulated financial institutions, effective December 2024
What It Requires
Harms Addressed
Who Must Comply
Safety Provisions
- • Mandatory oversight and governance of AI systems
- • Key risk management systems and processes required
- • Development, validation and deployment protocols mandatory
- • Builds on existing voluntary Model AI Governance Framework
- • Applies to all regulated financial institutions in Singapore
Enforcement
Enforced by
Monetary Authority of Singapore (MAS)
Penalties
license revocation
Enforcement per existing MAS regulatory powers under respective financial services acts; MAS can issue directions, impose conditions, revoke licenses
Quick Facts
- Binding
- Yes
- Mental Health Focus
- No
- Child Safety Focus
- No
- Algorithmic Scope
- Yes
Why It Matters
Marks Singapore's shift from voluntary AI governance (MAIGF) to mandatory requirements. Financial sector first but may signal broader regulatory approach. Affects international financial institutions operating in Singapore. Sets APAC precedent for sector-specific AI regulation.
Recent Developments
December 2024 shift from voluntary to mandatory requirements. First sector-specific mandatory AI governance in Singapore. Sets precedent for potential expansion to other sectors. Developed with input from 70+ global organizations including OpenAI, Google, Microsoft, Anthropic.
What You Need to Comply
Regulated financial institutions must implement: (1) Oversight and governance structures for AI, (2) Key risk management systems and processes, (3) Development, validation and deployment protocols. Must follow MAS guidelines and industry best practices.
NOPE can helpCite This
APA
Singapore. (2024). Monetary Authority of Singapore AI Governance Requirements for Financial Institutions. Retrieved from https://nope.net/regs/sg-mas-ai-governance-2024
BibTeX
@misc{sg_mas_ai_governance_2024,
title = {Monetary Authority of Singapore AI Governance Requirements for Financial Institutions},
author = {Singapore},
year = {2024},
url = {https://nope.net/regs/sg-mas-ai-governance-2024}
} Related Regulations
SG Online Safety Code
Under Broadcasting Act framework, requires major social media services to implement systems reducing exposure to harmful content. Child safety is key driver.
SG GenAI Gov
Singapore's GenAI-specific guidance: risks (hallucinations, harmful outputs, IP/provenance, misuse) and operational controls (evaluation, transparency, policies, incident response).
Korea AI Act
First comprehensive AI legislation in Asia-Pacific and second in the world after EU. Regulates "High-Impact AI" in healthcare, energy, nuclear, transport, government, and education sectors. Requires transparency notifications, content labeling for generative AI, and fundamental rights impact assessments. Notable for lower penalties than EU AI Act and absence of prohibited AI practices.
NZ Biometric Code
Sets specific legal requirements under Privacy Act for collecting and using biometric data such as facial recognition and fingerprint scans. Prohibits particularly intrusive uses including emotion prediction and inferring protected characteristics like ethnicity or sex.
China Algorithm Rules
Requires algorithm filing/registration, user notification of recommendations, and opt-out mechanisms. Prohibits price discrimination based on user profiling.
Vietnam AI Law
First comprehensive AI law in Southeast Asia. Risk-management oriented framework with high-risk AI list updated by Prime Minister. Applies extraterritorially to foreign organizations whose AI systems impact Vietnamese users.