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The article discusses the issuance of notices by the Monetary Authority of Singapore (MAS) to banks and merchant banks regarding the management of outsourced relevant services. The notices set out requirements for ongoing outsourced services and the disclosure of customer information to service providers. MAS has also published guidelines on outsourcing in conjunction with the notices. The article also mentions MAS's requirement for financial institutions to conduct and respond to reference checks to mitigate the risk of individuals with misconduct moving between firms without disclosure. [Extracted from the article]

This article provides a brief commentary on Singapore's Islamic banking regulations through the contextual analysis of Banking Regulation 2001 (c. 19) reg. 4 and the Monetary Authority of Singapore's Guidelines on the Application of Banking Regulations to Islamic Banking (2009). As in Singapore, a single regulatory framework applicable to both conventional and Islamic banking, the Guidelines therefore provide an important guidance on the operational aspects of how to offer Islamic banking products. The question of Sharia compliant is however left to the financial institutions through the advice of their own legal team and internal Sharia board when structuring the products. [ABSTRACT FROM AUTHOR]

Pricing is set above prevailing market rates, in line with the SGD Term Facility's objective to serve as a liquidity backstop SGD Term Facility to accept residential property loans as collateral Singapore-incorporated domestic systemically important banks (D-SIBs) are able to pledge eligible residential property loans as collateral at the SGD Term Facility. News Section N-7 Singapore COVID-19 Monetary Authority of Singapore Enhances Access to Liquidity facilities Liquidity Facilities to Strengthen Resilience of Banking Sector MAS enhances access to liquidity facilities to strengthen The Monetary Authority of Singapore (MAS) has announced measures to resilience of banking sector enhance the banking system's access to Singapore dollar (SGD) and US dollar (USD) funding/ The new measures will strengthen banking sector e Banking services, Banking resilience, promote greater stability in SGD and USD funding conditions, supervision, Collateralisation; and support credit intermediation amid continued economic headwinds from Coronavirus, Liquidity, the Covid-19 pandemic. [Extracted from the article]

The article discusses the issues surrounding the definition of banking business in the Banking Act and the need for its amendment to reflect the reality of modern banking practice in Singapore. It states that banking business is the collection of money by receiving deposits upon loan and repayable when expressly agreed upon. It suggests that the definition of banking must be amended to reflect the central role that banks play in most of the payment systems.

The article discusses the Monetary Authority of Singapore's issuance of a Payment Blocking Order which takes effect on April 17, 2015 and imposes obligations on financial institutions (FIs) in relation to Relevant Persons such as FI account holders. Singapore's Remote Gambling Act 2014 is mentioned, along with the regulation of merchant banks and finance companies in the country. Singapore's Banking Act, Finance Companies Act, and Payment Systems (Oversight) Act are examined.