Regulatory Alerts2021-03-15
Added
MAS Notice 612 Credit Files, Grading and Provisioning
The Monetary Authority of Singapore issued Notice 612 to establish requirements for all banks in Singapore regarding the maintenance of credit files, grading of credit facilities, and determination of credit loss allowances. The regulation mandates objective credit assessment standards and sets specific provisions for locally-incorporated domestic systemically important banks, including minimum credit loss allowance levels and regulatory reserves. This notice supersedes previous iterations and aligns with the Banking Act to ensure consistent risk management practices across the banking sector.
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