Regulatory Alerts2022-10-12
Added
MAS Notice 603: Branches, Places of Business and Automated Teller Machines
The Monetary Authority of Singapore issues Notice 603 to regulate the establishment and operation of branches, places of business, and automated teller machines for all banks in Singapore. The notice mandates specific limits on the number of physical locations, requires notification for setting up or relocating facilities, and governs the deployment of ATM networks and EFTPOS debit services. It also outlines conditions for limited purpose branches offering remittance and money-changing services, as well as rules for outsourcing cash and cheque-related transactions.
Notices
Last Revised Date: 12 October 2022
Notice 603 Branches, Places of Business and Automated Teller Machines
Requirements for all banks in Singapore with respect to limitations on branches and places of business they can open, setting up ATMs and ATM networks, and providing debit services on an EFTPOS network.
Places of Business
Issued pursuant to:
Banking Act (Cap. 19) section 55
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 603 Branches, Places of Business and Automated Teller Machines
(104.1 KB)
This notice applies to all banks in Singapore, with certain exceptions for banks whose home countries have free trade agreements with Singapore.
It covers requirements for:
Limits on the number of places of business.
Notification requirements for setting up or relocating a place of business.
Setting up ATMs and ATM networks.
Providing debit services on an EFTPOS network.
12 Oct 2022
MAS Notice 603 (Amendment) 2022 (108.6 KB) takes effect.
25 Aug 2020 MAS Notice 603 (Amendment) 2020 (123.4 KB) takes effect.
01 Dec 2013 MAS Notice 603 (Amendment) 2013 (225.8 KB) takes effect.
06 Feb 2008 MAS Notice 603 (Amendment) 2008 takes effect.
19 Oct 2005 MAS Notice 603 (Amendment) 2005 takes effect.
22 Dec 2004 MAS Notice 603 dated 22 December 2004 takes effect.
22 Dec 2004 MAS Notice 603 dated 11 November 2002 and Circular No. BD 26/2003 dated 8 December 2003 are cancelled.
Requirements for banks when setting up limited purpose branches to provide remittance and money-changing services.
Sets out the conditions for banks when outsourcing cash and cheque-related transactional services to another bank in Singapore.