Regulatory Alerts2001-07-18
Added
Notice 631 Meaning of Customer under Section 40A
The Monetary Authority of Singapore issued Notice 631 to clarify the definition of 'customer' under Section 40A of the Banking Act. The notice specifies that the term excludes companies engaged in merchant banking or investment banking business, in addition to those already excluded for carrying on general banking business. This regulatory update ensures that specific financial institutions are not classified as customers for the purposes of Part VII of the Act.
MAS 631 18 July 2001 NOTICE TO BANKS BANKING ACT, CAP 19 Meaning of Customer Under Section 40A Section 40A of the Banking Act provides that in Part VII of the Act, the term "customer" does not include any company which carries on banking business or such other financial institutions as may be designated by the Authority by notice in writing. 2 It is hereby notified that the term "customer" shall also not include any company carrying on merchant banking business or investment banking business. Last modified on 19/3/2007