Regulatory Alerts2022-07-20
Added
Notice 606 Provision for and Writing Off of Bad Debts
The Monetary Authority of Singapore issued Notice 606 to establish requirements for all banks in Singapore regarding the provision for and writing off of bad debts. The regulation mandates that banks maintain adequate provisions for bad and doubtful debts and seek regulatory approval before writing off bad debts to certain related parties. This notice was cancelled with effect from 21 July 2022, having previously governed credit risk management practices such as maintaining credit files and determining credit loss allowances.
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