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.
Notices
Last Revised Date: 28 June 2021
Requirements for banks to comply with sections 31 and 33 of the Banking Act on a consolidated basis.
Anti-Commingling
Issued pursuant to:
Banking Act (Cap. 19) section 65(2)
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 625 Compliance with Sections 31 and 33 on a Consolidated Basis
(134.2 KB)
This notice applies to all banks in Singapore. Banks are required to comply with sections 31 and 33 of the Banking Act on a consolidated basis, by aggregating assets, liabilities, profits or losses with those of their related corporations and companies.
01 Jul 2021
MAS Notice 625 (Amendment) 2021 (586.2 KB) dated 28 June 2021 takes effect. 22 Nov 2004 MAS Notice 625 dated 22 October 2004 takes effect. 22 Nov 2004 MAS Notice 625 dated 11 November 2002 is cancelled.