Regulatory Alerts2021-06-30
Added · Updated
Meaning of Customer Under Section 40A of the Banking Act
MAS Notice 631 clarifies that the definition of 'customer' under section 40A of the Banking Act excludes any company carrying on merchant banking business or investment banking business. This notice applies to all banks in Singapore and takes effect on 1 July 2021. It simultaneously cancels MAS Notice 631 dated 18 July 2001 with the same effective date.
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