SINGAPORE, Oct 8 — The Monetary Authority of Singapore (MAS) on Wednesday issued the Guidelines on Artificial Intelligence (AI) Risk Management to support responsible AI adoption in Singapore’s financial sector.
The guidelines set out clear supervisory expectations for financial institutions to manage risks arising from AI use, while allowing them to tailor their approaches according to their risk profiles, MAS said in a statement on Wednesday.
The central bank said the guidelines will take effect on October 7, 2027, and financial institutions may implement the guidelines in phases by October 7, 2028.
“Financial regulators and international bodies are correspondingly highlighting the need to manage AI risks effectively while enabling firms to realise the benefits of adoption.
