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
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.