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.
Notices
Last Revised Date: 30 June 2021
Exclusions from the term "customer" under section 40A of the Banking Act.
Operations
Issued pursuant to:
Banking Act (Cap. 19) section 40A
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 631 Meaning of Customer under Section 40A
(64.3 KB)
This notice applies to all banks in Singapore. It specifies that, under section 40A of the Banking Act, the term "customer" also excludes any company carrying on merchant banking business or investment banking business.
1 Jul 2021 MAS Notice 631 dated 30 Jun 2021 takes effect. MAS Notice 631 dated 18 Jul 2001 (81.6 KB) is cancelled.
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