Regulatory Alerts2022-05-13
Added
MAS Notice 635 on Unsecured Credit Facilities to Individuals
The Monetary Authority of Singapore issued Notice 635 to establish requirements for banks granting unsecured non-card credit facilities to individuals. The regulation mandates ongoing credit checks, credit limit management measures, and the submission of quarterly statistical returns to the regulator. These rules apply to all banks in Singapore and govern the issuance of such credit products to ensure responsible lending practices.
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