Showing 5563 Documents for "MAS"
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- MAS
- Media Releases
Last revised date:
- Singapore, 1 November 2022…The Monetary Authority of Singapore (“MAS”) today announced new initiatives to expand cooperation in green finance and deepen capital market linkages with China.
- MAS will continue to work closely with our central bank and regulatory counterparts in China to deepen our financial cooperation and unlock new growth drivers for our economies.” ***
- MAS and the People’s Bank of China will establish a Taskforce to deepen bilateral cooperation in green finance and facilitate greater public-private sector exchanges to better mobilise private capital for the region’s sustainable development needs.
- MAS
- Media Releases
Last revised date:
- Singapore, 31 March 2021… The Monetary Authority of Singapore (MAS) announced today that Singapore intends to join international efforts to enhance the capacity of the International Monetary Fund (IMF) to assist vulnerable low-income countries in dealing with the economic fallout from the COVID-19 pandemic
- Subject to Parliament’s approval The Bretton Woods Agreements Act enables MAS to make grants to the IMF as part of international efforts to assist low-income countries.
- At US$2 million, Singapore’s grant to the CCCDI is commensurately sized, relative to the contributions from larger countries, and will be drawn from MAS’ OFR. Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (PRG-HIPC Trust) 6.
- MAS
- Speeches
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- I should also make clear that this guarantee does not impact at all on MAS’ ability to defend the Singapore dollar.
- jurisdictions, MAS and the Ministry of Finance have assessed that the backing of S$150 billion of the Government’s reserves provided to the guarantee would be more than sufficient. 8.
- To prevent financial institutions abusing the guarantee by expanding aggressively and taking on excessive risks, MAS has emphasised to financial institutions in Singapore the need to remain prudent in this current operating environment.
- MAS
- Circulars
Last revised date:
- Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore 079117 Telephone 65 6225 5577 Facsimile 65 6229 9229 Circular No.: AMLD 02/2023 Date: 03 March 2023 To Chief Executive Officers of all Financial Institutions Dear Sir/Madam, MONEY LAUNDERING AND TERRORISM
- In conducting its review, FIs should take into account the additional information provided in this circular as well as previous MAS guidance that was issued to the industry.
- MAS has also issued guidance to the industry to set out our supervisory expectations in key control areas.1 3 FIs risk controls must keep pace with the growth in their wealth management business.
- MAS
- FAQs
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- Insurers may refer to MAS Notice 314 and the accompanying guidelines, as well as relevant guidance papers related to AML/CFT matters on MAS website on the possible CDD measures to consider. 3. Can insurers adopt a risk-based approach in deciding who to screen?
- MAS does not preclude other functions from performing screening of new and existing business relations and their ongoing monitoring.
- Would MAS be providing guidance on customer due diligence (CDD) for the non-life insurance sector? Paragraph 3.6 of the Guidelines provides for an insurer to put in place AML/CFT controls commensurate with the scale, complexity and inherent risk of its business.
- MAS
- Parliamentary Replies
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- When the Monetary Authority of Singapore (MAS) amended the Banking (Credit Card and Charge Card) Regulations ("the Regulations") in 2004, we retained the two key measures that promote the Government's objective of discouraging Singaporeans from spending beyond their means.
- Banks and other credit card issuers are required to comply with MAS' regulations on credit cards, including obtaining documentary evidence of applicants' incomes. We conduct periodic inspections to ensure compliance with these requirements. 4.
- MAS will continue to work with the Association of Banks in Singapore (ABS) and Consumer Association of Singapore (CASE) to educate consumers on the consequences of late payment on credit cards, and how penalties and late interest charges are computed.
- MAS
- Media Releases
Last revised date:
- Date : For Parliament Sitting on 8 July 2002 The Deputy Prime Minister and Chairman of the Monetary Authority of Singapore ("MAS") today moved the Bills of Exchange Act (Amendment) Bill for the first reading in Parliament. 2 The Bill seeks to amend the Bills of Exchange Act for the purpose of establishing
- Section 87C of the Act will allow MAS to make regulations relating to cheque truncation with the approval of the Minister. 9 More information on CTS and IRD can be found on the ABS' website at http://www.abs.org.sg 1 The drawer of a cheque is the person who signs and issues it.
- Specifically, the amendments will allow for cheque presentment by electronic means and recognise the rights of a holder of an Image Return Document ("IRD"), which is a document that banks will issue instead of returning the original cheque when a cheque is dishonoured. 3 MAS conducted a consultation
- MAS
- Parliamentary Replies
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- Answer : 1 Ms Low and Dr Wang have sought clarification on MAS' rationale for the lifting of the financing limits on car loans. 2 This decision is the consequence of a general shift in MAS' supervisory philosophy from prescriptive regulation to a risk-based approach, where MAS avoids micromanaging decisions
- Unsecured loans and credit card facilities are smaller than housing loans, but MAS regulates them for prudential and social reasons.
- Hence MAS has no plans to remove these necessary safeguards. 4 Ms Low noted that there has been a rise in bankruptcies 3 and unemployment rates, and questioned the appropriateness of the timing of this announcement.
- MAS
- Parliamentary Replies
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- The Monetary Authority of Singapore (MAS) requires banks to implement controls, such as multi-factor authentication using one-time passwords (OTPs), to keep online transactions secure. Unfortunately, multi-factor authentication cannot eliminate all scams.
- Answer by Mr Ong Ye Kung, Minister for Transport, on behalf of Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1.
- Consumers should also heed the security email advisories, notices and alerts disseminated by their banks, MAS, the Singapore Police Force and the National Crime Prevention Council, and share them with family and friends. * * *
- MAS
- Parliamentary Replies
Last revised date:
- Housing loans are secured on the property being financed and are subject to the Monetary Authority of Singapore’s (MAS) prudential requirements on their maximum loan-to-value ratios.
- But the prudential and lending criteria employed by financial institutions and required by MAS address these concerns by maintaining sound lending standards at all times.
- Date: For Parliament Sitting on 17 November 2008 Name and Constituency of Member of Parliament Mr Seah Kian Peng, MP for Marine Parade GRC Question Q850: To ask the Senior Minister in light of the significant increase and accumulation of debts incurred by individuals in the last 12 months, whether MAS