As a regulated bank of Singapore, many pieces of primary legislation would apply. The Monetary Authority of Singapore (MAS) was established in the 1970s and is governed by the MAS Act passed by the Parliament of Singapore. The MAS Act gives MAS the authority to regulate financial services in Singapore. MAS issues legal instruments for the regulation and supervision of financial institutions in Singapore. MAS also has frameworks and guidance on topics affecting various classes of financial institutions. Banks in Singapore are licensed by the MAS under the Banking Act (“BA”). As a fully licensed bank under BA, the full range of banking activities are approved. Say no to plagiarism. Get a tailor-made essay on the topic "Why violent video games should not be banned"? Get an Original Essay Banks that provide investment banking and financial advisory services would also be subject to the requirements of the Securities and Futures Act (“SFA”) and the Financial Advisers Act (“FAA”). The SFA is an act relating to the regulation of activities and institutions in the securities, futures and derivatives industry, including leveraged foreign exchange trading, and of clearing structures and matters connected therewith. The FAA is a law designed to regulate financial advisors, their representatives and supervisors, and for other purposes relating thereto or connected therewith. As a member of the Financial Action Task Force (FATF), the Monetary Authority of Singapore (MAS) initiated the MAS Regulations September 2002 Counter-Terrorism Measures under the MAS Act (Chapter 186), later renamed to MAS Notice 626 - Prevention of Money Laundering and Countering the Financing of Terrorism (AML/CFT), to incorporate both the Money Laundering and CFT Guidelines. This helps combat money laundering activities arising from any criminal conduct and terrorist financing activities. The various banking regulations under the subsidiary legislation also include the Fair Behavior Guidelines - Responsibilities of the Board of Directors and Senior Management to Deliver Good Behavior Outcomes to Customers (2009), which focuses on consumer confidence in the conduct of financial institutions ( FI) that put the interests of consumers first and also in banking regulation (credit cards and debit cards) (2013). Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay The Association of Banks of Singapore (ABS) was founded in 1973 to represent the interests of Singapore's commercial and investment banking community. ABS maintains a strategic engagement with its stakeholders (regulators, banks and customers), developing and implementing codes of conduct and industry guidelines in line with international best practices. ABS also collaborates with international organizations to strengthen the interests of its members as well.