MAS proposes to amend the Banking Act, with the amendments mainly aimed at strengthening the licensing and regulation of banks and credit card or charge card licensees, formalizing the existing supervisory requirements, and clarifying other technical and administrative issues. Among others, MAS proposes to introduce powers in the Banking Act to strengthen the oversight of outsourcing arrangements of banks. This will empower MAS to direct banks to comply with the requirements in respect of their outsourcing arrangements. Comments must be submitted by March 08, 2019.
Comment Due Date: March 08, 2019
Keywords: Asia-Pacific, Singapore, Banking, Banking Act, Licensing, MAS
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