Regulatory Alerts2021-06-28
Added
Notice 625 Compliance with Sections 31 and 33 on a Consolidated Basis
The Monetary Authority of Singapore issued Notice 625 to require all banks in Singapore to comply with sections 31 and 33 of the Banking Act on a consolidated basis. This regulation mandates that banks aggregate their assets, liabilities, profits, and losses with those of their related corporations and companies. The notice applies to full and wholesale banks, whether locally incorporated or branches, and was last revised on 28 June 2021.
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