MAS regulates and supervises over 150 deposit-taking institutions in Singapore, including full banks, wholesale banks, merchant banks and finance companies.
Credit card and charge card issuers in Singapore are governed by the Banking Act ..
Governs the licensing and regulation of banks, merchant banks and related institutions, including their credit card and charge card business..
The Banking Act (“BA”) primarily governs the licensing and regulation of banking business in Singapore.
In this connection, no banking business can be carried out in Singapore except by a company with a valid licence and the contravention of this requirement attracts criminal responsibility: see s 4 of the BA..
Section 47 of the Act provides that customer information shall not, in any way, be disclosed by a bank (holding a valid banking licence in Singapore or the branches and offices located within Singapore of such a bank incorporated outside Singapore) or its officers to any other person except as expressly provided in the .
Section 47 of the Act provides that customer information shall not, in any way, be disclosed by a bank (holding a valid banking licence in Singapore or the branches and offices located within Singapore of such a bank incorporated outside Singapore) or its officers to any other person except as expressly provided in the .
Section 47 of the Act provides that customer information shall not, in any way, be disclosed by a bank (holding a valid banking licence in Singapore or the branches and offices located within Singapore of such a bank incorporated outside Singapore) or its officers to any other person except as expressly provided in the .
The Banking Act provides for various conduct requirements applicable to banks and merchant banks.
These include the: Regulation of interest rates payable to or by merchant banks.
MAS' power to make recommendations in respect of loans, advances or investments (including the purposes of which they may be granted).Mar 1, 2023.
MAS is the integrated regulator and supervisor of financial institutions in Singapore.
MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices..
At Bank of Singapore, Asian values and bespoke innovative solutions are the foundations for our success.
Values like prudence, loyalty, humility and diligence are at the core of everything we do..
(1A) A transferor musttransfer the whole or any part of its banking business in Singapore to a company incorporated by the bank or its parent bank under the Companies Act 1967 for the purpose of carrying on that business or that part of the business, if — (a) itisdirectedbytheAuthorityundersection55BAtodoso; and 133 Banking Act 19702020 Ed
Singapore-licensed banks and merchant banks come within the ambit of the Banking Act 1970 (Banking Act) and the Monetary Authority of Singapore Act 1970 (MAS Act)
The Monetary Authority of Singapore (MAS), as the integrated regulator and supervisor of the financial services sector, supervises and regulates banks and their operations
SECTION 1 INTRODUCTION TO BANKING LAW IN SINGAPORE 22
11 In Singapore, the laws regulating banking are found in the relevant Acts passed by Parliament (and their related subsidiary legislation), the common law and principles and rules of equity
22 12 The common law and principles and rules of equity are derived from case law
22 2
1 In Singapore, the relationship between banker and customer is largely governed by the common law
However, in certain matters, the most notable of which is banking privacy, the Banking Act applies
A bank’s duty of privacy in Singapore is more extensively discussed later in this paper
