Regulatory Alerts2021-06-30
Added
Notice 631 Meaning of Customer under Section 40A
The Monetary Authority of Singapore issued Notice 631 to specify the meaning of the term "customer" under section 40A of the Banking Act. This regulation excludes companies carrying on merchant banking business or investment banking business from the definition of a customer. The notice applies to all banks in Singapore and took effect on 1 July 2021, replacing the previous 2001 version.
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