Regulatory Alerts2022-05-27
Added · Updated
Guidelines for Operation of Wholesale Banks
Wholesale banks may transact banking business with approved financial institutions and, subject to restrictions, with non-approved persons. Transactions with Singapore resident natural persons in Singapore dollar savings or current accounts must be non-interest-bearing unless prior approval is obtained from MAS, and Singapore dollar fixed deposits must have an initial and outstanding balance of at least S$250,000. Wholesale banks issuing Singapore dollar bonds or negotiable certificates of deposit must ensure an original maturity of at least 12 months, a denomination of at least S$200,000, or issuance to accredited investors, and must include specific risk disclosures in offering documents if the instruments are not held exclusively by accredited investors. Additionally, wholesale banks are required to maintain only one place of business in Singapore.
More like this from MAS
We email you every new MAS publication the day it's published.