Asian Currency Unit Terms and Conditions of Operation

Guidelines

Last Revised Date: 29 June 2021

Asian Currency Unit Terms and Conditions of Operation [Cancelled]

Requirements for banks and merchant banks operating an Asian Currency Unit.

Operations

Applies to:

Full Bank (Locally Incorporated)

,

Full Bank (Branch)

,

Wholesale Bank (Branch)

,

Wholesale Bank (Locally Incorporated)

,

Merchant Bank (Locally Incorporated)

,

Merchant Bank (Branch)

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Asian Currency Unit Terms and Conditions of Operation [Cancelled]

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These guidelines set out the terms and conditions applicable to all banks and merchant banks operating an Asian Currency Unit in Singapore.

The guidelines cover:

Limits on total assets and liabilities

Allowable financial transactions

Undertakings required

01 Jul 2021 The Asian Currency Unit Terms and Conditions of Operation (10.1 KB) (last revised on 31 July 2008) is cancelled.

Guidelines on the permitted activities and restrictions for wholesale banks.

Requirement for merchant banks to obtain MAS' approval for the operation of an Asian Currency Unit.

Definition of “capital funds” and “head office capital funds” for merchant banks.

Guidelines on the permitted activities and restrictions for merchant banks.

Governs the licensing and regulation of banks, merchant banks and related institutions, including their credit card and charge card business.