Author: Peiying Chua Heikes

Banking regulation rationalised

Earlier this year, Parliament passed the Banking (Amendment) Act 2020 (“BAA”). The BAA introduces several amendments to the Banking Act (“BA”) to update and enhance the Monetary Authority of Singapore’s banking regulatory framework. 

In our alert, we outline the principal changes arising from the removal of the DBU-ACU divide and briefly examine the new licensing framework for merchant banks.