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As a regulated bank in Singapore, many acts in the primary legislation would apply. The Monetary Authority of Singapore (MAS) was set up in 1970s is governed by the MAS Act which is passed by the Singapore parliament. MAS Act gives MAS the authority to regulate financial services in Singapore. MAS issue legal instruments for the regulation and supervision of Singapore financial institutions. MAS also has frameworks and guidelines in place on topics which cut across various classes of financial institutions. Banks in Singapore are licensed by MAS under the banking act ( “BA”). As a full license bank under BA, the whole range of banking business are approved.
Banks providing investment banking and financial advice services would also be subject to the requirements of the Securities and Futures Act ( “SFA”) and the Financial Advisers Act ( “FAA”).The SFA is an act relating to the regulation of activities and institutions in the securities, futures and derivatives industry, including leveraged foreign exchange trading, and of clearing facilities and for matters connected thereof. FAA is an Act to regulate financial advisers and their representatives and supervisors, and for other purposes relating thereto or connected there with.
As member of Financial Action Task Force (FATF), Monetary Authority of Singapore (MAS) initiated the MAS anti-Terrorism Measures Regulations in September 2002 under the MAS Act (Chapter 186), which was subsequently renamed to MAS Notice 626 – Prevention of Money Laundering and Countering the Financing of Terrorism (AML / CFT), to incorporate both the money laundering and CFT guidelines. This helps combat money laundering activities arising from any criminal conduct and terrorist financing activities.
The various banking regulations under the subsidiary legislation also consist of Guidelines on Fair Dealing – Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (2009), focusing on consumers’ confidence in the financial institutions (FI) conduct to put consumers’ interest first and also the Banking (Credit Card and Charge Card) regulation (2013).
The Association of Banks in Singapore (ABS) was set up in 1973 to represents the interests of the investment and commercial banking community of Singapore. ABS holds strategic engagement with their stakeholders (regulators, banks and customers), developing and implementing industry code of conduct and guidelines that are in line with international best practices. ABS also partners with international organizations to strengthen their member’s interest as well.
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