Regulatory Alerts2021-03-15
Added
Notice 811 Credit Files, Grading and Provisioning
The Monetary Authority of Singapore issued Notice 811 to establish regulatory requirements for all finance companies regarding credit risk management. The notice mandates the maintenance of credit files with basic information for objective assessment, the grading of credit facilities, and the recognition of loss allowances for expected credit losses. It supersedes previous notices and aligns with the Finance Companies Act to ensure consistent provisioning and writing off of bad debts.
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