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.
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.