Regulatory Alerts2002-11-20
Added
Outsourcing of Cash and Cheque-related Transactional Services to Another Bank
The Monetary Authority of Singapore permits banks restricted to a single Singapore branch to outsource cash and cheque-related transactional services to another local bank. Approved outsourced locations are classified as limited purpose branches of the outsourcing bank and are subject to applicable licence fees. This regulatory change addresses efficiency concerns for smaller banks while ensuring the outsourced services are not simultaneously offered at the outsourcing bank's premises.
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