MAS Amends Notices on Reporting Requirements for Banks
MAS published revised Notices 610 and 1003 on submission of statistics and returns, along with the guidelines and frequently asked questions (FAQs) associated with these Notices. The revised notices take effect from July 01, 2021. MAS also released a list of changes to the submission templates, schema, and validation rules, along with sample XML files. The notices set out requirements for submission of returns to MAS, including reporting forms, completion notes, and submission timeframe.
Notice 610 has been issued pursuant to section 26(1) of the Banking Act (Cap. 19) and applies to all "banks" in Singapore while Notice 1003 has been issued pursuant to section 28(3) of the MAS Act (Cap. 186) and applies to all "merchant banks." These notices require all "banks" and "merchant banks" in Singapore to submit to MAS:
- Monthly statement of assets and liabilities
- Monthly return on foreign-exchange business transacted
- Quarterly return on classified exposures and collateral value of housing loans
Effective Date: July 01, 2021
Keywords: Asia Pacific, Singapore, Banking, Merchant Banks, Reporting, MAS Notice 610, MAS Notice 1003, MAS
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