Regulatory Alerts2003-07-04
Added
MAS Notice 755 – Weekly Report on S$ Transactions
The Monetary Authority of Singapore revised MAS Notice 755 to require banks to submit foreign exchange transaction reports on a weekly basis instead of daily. The revised regulation mandates reporting only for Singapore dollar FX transactions with a value of at least US$1 million per transaction. The new requirements take effect on 6 October 2003, with the first weekly return due on 13 October 2003, and submissions must be made electronically via the MASNET website.
RMD A 4 Vol 7 (RMD Circular No. 33/03)
04 Jul 2003
All Banks in Singapore
Dear Sir/Madam
MAS NOTICE 755 – WEEKLY REPORT ON S$ TRANSACTIONS
As part of MAS' ongoing review and update of MAS Notices to financial institutions, we have revised MAS Notice 755. The key changes are as follows:-
(a) Returns will be submitted under the Notice on a weekly rather than daily basis; and
(b) Only S$ FX transactions of at least US$1 million each are required to be reported.
A copy of the revised MAS Notice 755 is enclosed at Annex 1. The Notice can also be downloaded from the MAS website.
2 In order to allow banks time to modify their internal systems to meet the revised reporting requirements, the revised Notice shall take effect on 6 Oct 2003, ie. the first weekly return under the revised Notice will be submitted on 13 Oct 2003 and will cover the week beginning 6 Oct 2003. In the interim, banks should continue to submit their daily returns in accordance with the existing MAS Notice 755. The last daily return will be submitted on 3 Oct 2003.
3 The submission of returns under the revised MAS Notice 755 will be done electronically through the MASNET Website. Operational details on the submission of the returns can be found at Annex 2.
4 If your bank has any enquiries on MAS Notice 755, please contact Ms PueyChiew Siew Pheng (Tel No. 62299482) or Goh Chin Hwee (Tel No. 62299150). For enquiries on MASNET-related procedures, please contact the MASNET Helpdesk (Tel No. 1800 2258247).
Yours faithfully
ONG CHONG TEE ASSISTANT MANAGING DIRECTOR MONETARY POLICY & INVESTMENT GROUP