Regulatory Framework for Banking Services

Under Section 34 of the Monetary Authority Act, the Authority is empowered to establish or modify Rules, Statements of Guidance, and Statements of Principle. Additionally, Section 48 mandates the creation of a Regulatory Handbook, which outlines the policies and procedures the Authority follows in executing its regulatory and cooperative duties.

Below is an overview of the measures, including checklists for Rules, Statements of Guidance, Regulatory Policies, Regulatory Procedures, and Forms related to the Banking Services sector.

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Rules

These are mandatory directives issued to licensees on critical topics deemed necessary by the Authority for prudent supervision of regulated entities. These rules impose binding obligations, and non-compliance may result in fines or regulatory actions as permitted under the relevant regulatory acts.

Statement of Guidance ("SOG")

This guidance is designed to help licensees adhere to applicable laws, regulations, rules, and principles, or to outline standards for business conduct. It provides recommendations on how licensees should operate and serves as a benchmark for the Authority to assess compliance.

Regulatory Policy

A regulatory policy comprises principles, criteria, or approaches that guide the Authority's decisions and actions in fulfilling its regulatory and cooperative responsibilities.

Regulatory Procedure

These are defined processes, activities, or tasks that the Authority undertakes to perform its regulatory and cooperative functions effectively.

Note: The following items marked with NEW have been recently added or updated.