Amendments to the Banking Act to Strengthen Supervisory Oversight by MAS over Banks in Singapore

07 Dec 2018 LegisWatch

The Banking (Amendment) Act 2016 ("Amendment Act") which amends the Banking Act, Chapter 19 of Singapore ("Banking Act") has come into force on 30 November 2018 except for the provisions relating to Objection to existing control of designated financial institutions (section 15E of the Banking Act) and Power of Authority to obtain information (section 18 of the Banking Act).


The Amendment Act may be accessed here and the Commencement Notification may be accessed here.


The Amendment Act addresses the following areas:

  • Prudential safeguards;

  • Corporate governance;

  • Risk management controls;

  • Duty to inform the Monetary Authority of Singapore ("MAS") of material adverse developments; and

  • Other technical amendments.

This Update highlights the provisions of the Amendment Act which have come into force.


If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership that you normally deal with or the following partner:


Elaine CHAN
Joint Head – Financial Services Regulatory Practice
d +65 6416 8010
Click here to see Elaine’s CV.