Regulatory Alerts2012-04-30
Added
Notice 802 Branches and Automated Teller Machines
The Monetary Authority of Singapore issued Notice 802 to enforce prior approval requirements for finance companies opening new branches or changing existing locations under the Finance Companies Act. The notice explicitly prohibits finance companies from negotiating or finalizing property purchases and leases for branches before obtaining such regulatory consent. Additionally, it mandates that no Automated Teller Machines or similar cash dispensing facilities may be installed without prior written approval from the Authority, regardless of whether the premises are new or existing.
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