Regulatory Alerts2021-06-30
Added
Consequential Amendments To Notices Arising From The Banking (Amendment) Act 2020
The Monetary Authority of Singapore issued Circular No. ID 11/21 to implement consequential amendments to six specific regulatory notices following the enactment of the Banking (Amendment) Act 2020. These updates align references to merchant banks with the new licensing framework introduced in the Banking Act and enhance clarity across notices covering valuation, training, investment-linked policies, insurance deposits, anti-money laundering, and lending. The amendments take effect on 1 July 2021 and are published on the MAS website for compliance by all insurers.