Veritas Initiative (MAS-led consortium)
Is this legally binding?
Guidance. Voluntary guidance. Best practice, not obligation, until a contract or a regulator cites it.
Multi-phased MAS-industry collaborative project (Nov 2019 - Jun 2023), part of Singapore's National AI Strategy, producing FEAT assessment methodologies, white papers and an open-source toolkit so financial institutions can evaluate AIDA-driven solutions against the FEAT principles. Voluntary methodology and tooling, not a regulatory requirement.
From the source
“Veritas aims to enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS co-created with the financial industry in late 2018”
MAS Veritas Initiative page: What It Is
Instrument record
- Short name
- Veritas
- Date
- 2019-11
- Version
- Not versioned
- Cluster
- core
What this connects to
12 relations. Official relations are the ones the source documents state; anything marked GAGE analysis is our reading, not an agency's.
Operationalises1
- InstrumentPrinciples to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of AI and Data Analytics in Singapore's Financial SectorSupervisory expectation
Veritas enables FIs to evaluate AIDA-driven solutions against the FEAT principles
Issued by1
- AgencyMonetary Authority of Singapore (MAS)Binding, sectoral
MAS-led industry consortium; MAS announced each phase
Applies to1
- ConceptFinancial services sector (Singapore)Guidance
Methodologies and toolkit for financial institutions evaluating AIDA solutions
Cited by9
- ToolVeritas Toolkit (open source, v2.0)Guidance
Toolkit released under Veritas Phases 2-3
- SectionVeritas Phase 1: fairness assessment methodology (concluded 6 Jan 2021)Guidance
Phase of the Veritas project
- SectionVeritas Phase 2: full FEAT assessment methodology and Toolkit v1 (concluded 4 Feb 2022)Guidance
Phase of the Veritas project
- SectionVeritas Phase 3: Toolkit v2.0 and integration pilots (concluded 26 Jun 2023)Guidance
Phase of the Veritas project
- ConceptFEAT Fairness assessment methodologyGuidance
Assessment methodology published by the consortium
- ConceptFEAT Ethics & Accountability assessment methodologyGuidance
Assessment methodology published by the consortium
- ConceptFEAT Transparency assessment methodologyGuidance
Assessment methodology published by the consortium
- InstrumentConsultation Paper on Proposed Guidelines on Artificial Intelligence Risk Management for Financial Institutions (P017-2025)Consultation
CP para 2.4: Veritas Initiative supports FIs in incorporating FEAT into AIDA solutions
- InstrumentMindForge AI Risk Management Toolkit (Project MindForge phase 2)Guidance
Handbook Introduction: draws on the FEAT Principles and the work of the Veritas Initiative
Verified against the official source on 2026-08-17. GAGE is not affiliated with or endorsed by any agency named here, and nothing on this page is legal advice. How this is built and checked.