Regulatory Alerts2020-06-29
Added
Notice 647 Places of Business of Credit Card and Charge Card Licensees
The Monetary Authority of Singapore mandates that credit and charge card licensees obtain prior approval before opening or relocating a place of business. Licensees are required to notify the regulator within seven days of establishing a new location or moving an existing one. The notice further defines a place of business and prohibits receiving card applications at temporary locations without specific regulatory consent.
Notices
Last Revised Date: 29 June 2020
Requirements for credit card and charge card licensees on setting up or relocating a place of business.
Credit Cards and Unsecured Credit
Places of Business
Issued pursuant to:
Banking Act (Cap. 19) section 57D
Applies to:
Credit/Charge Card Issuer
View Notice
Notice 647 Places of Business of Credit Card and Charge Card Licensees
(321.8 KB)
Credit card and charge card licensees must apply for approval from MAS before opening a new place of business or changing the location of an existing place of business in Singapore. Licensees must notify MAS within 7 days of setting up a new place of business or relocating an existing place of business.
This notice also includes:
The definition of a place of business.
Restriction on credit card and charge card licensees from receiving credit card or charge card applications at temporary locations without prior approval from MAS.
29 Jun 2020
MAS Notice 647 (Amendment) 2020 (334.6 KB) dated 29 June 2020 takes effect.
01 Dec 2013 MAS Notice 647 dated 1 December 2013 takes effect.