Regulatory Alerts2022-07-20
Added
Notice 814 Provision for and Writing Off of Bad Debts
The Monetary Authority of Singapore issued Notice 814 to establish regulatory requirements for all finance companies regarding the maintenance of adequate provisions for bad and doubtful debts. The notice mandates that finance companies obtain MAS approval prior to writing off bad debts owed to related parties. This directive was cancelled with effect from 21 July 2022, replacing previous notices issued between 1973 and 2005.
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