Regulatory Alerts2021-06-28
Added
MAS Notice 643 Transactions with Related Parties
The Monetary Authority of Singapore issued Notice 643 to establish requirements for all banks regarding transactions with their related parties. The regulation defines the scope and general principles governing these transactions to mitigate risks arising from conflicts of interest. It mandates that banks maintain strict oversight and control over related party dealings to prevent abuse.
Notices
Last Revised Date: 28 June 2021
Notice 643 Transactions with Related Parties
Requirements for banks when engaging in transactions with their related parties.
Credit Risk
Corporate Governance
Issued pursuant to:
Section 55(1) of the Banking Act (Cap.19)
Applies to:
Full Bank (Branch)
,
Full Bank (Locally Incorporated)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 643 Transactions with Related Parties
(248.4 KB)
This notice applies to all banks. It sets out the definition, scope and general principle governing transactions with related parties, and the responsibilities of banks to maintain oversight and control over their related party transactions in order to mitigate the risk of abuse arising from conflicts of interest.
01 Jul 2021 MAS Notice 643 (Amendment) 2021 (285.9 KB) takes effect.
01 Jul 2021 MAS Notice 643 dated 12 Dec 2019 takes effect.
01 Oct 2020 MAS Notice 643 (Amendment) 2020 (294.9 KB) takes effect.
12 Dec 2019 MAS Notice 643 dated 12 Dec 2019 is issued.
12 Dec 2019 MAS Notice 643 dated 21 Nov 2016 (416.9 KB) is cancelled.
21 Nov 2018 MAS Notice 643 dated 21 Nov 2016 (416.9 KB) is issued.
21 Nov 2018 MAS Notice 643 dated 02 Apr 2013 (last revised on 30 June 2014) (159.2 KB) is cancelled.
30 Jun 2014 MAS Notice 643 (Amendment) 2014 (76.9 KB) takes effect.
02 Apr 2013 MAS Notice 643 issued on 02 Apr 2013 (107.4 KB) is issued.
Consultation number:
P003-2016
Start date:
25 January 2016
Closing date:
22 February 2016
MAS response date:
21 November 2016
Consultation number:
P017 - 2013
Start date:
05 December 2013
Closing date:
15 January 2014
MAS response date:
25 January 2016