MAS TRM Compliance

As of now, MAS-TRM guidelines are not mandated, but experts predict that in the near future, they will become law and will be accompanied by binding financial penalties for non-compliance.

Meanwhile, financial institutions that fail to follow MAS-TRM guidelines risk damaging their reputations and losing their licenses to conduct business in Singapore and other key markets.

Are you interested in learning more about how Logit.io can help you meet the requirements of the MAS TRM guidelines? Find out how we can help you by signing up for a free 14-day trial or booking a call with our compliance specialists.

All financial organizations, including retail and commercial banks, central banks, credit unions, and savings and loan associations, should follow MAS TRM guidelines. Companies operating in the cryptocurrency industry, those using Bitcoin payment gateways, and even venture capitalists will also be subject to these same guidelines.

It is recommended within guideline 6.4.6 that financial institutions should conduct robust security testing and screening of APIs before they are deployed into production. It is also necessary for the financial institution to log the access sessions made by third parties. These logs will include the identity of the party making the API connection, as well as the date and time access was granted.

Control 12.2.4 suggests applying user behavioural analytics to security monitoring to improve its effectiveness. It is possible to analyze system logs in real-time using machine learning algorithms to establish a baseline of normal user activities and identify suspicious or abnormal behaviour.

Additionally, for 12.2.5, it is recommended that multiple events registered on system logs be correlated in order to detect suspicious or anomalous patterns of system activity.