As a regulated bank in Singapore, many of the laws of the 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 Singapore Parliament. The MAS Act gives MAS the power to regulate financial services in Singapore. MAS issues legal instruments for the regulation and supervision of financial institutions in Singapore. MAS has also put in place frameworks and guidelines on topics that affect various categories of financial institutions. Banks in Singapore are licensed by 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 Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayBanks providing 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 a law relating to the regulation of activities and institutions in the securities, futures and derivatives industry, including leveraged foreign exchange trading, as well as clearing facilities and matters which are linked to it. The FAA is a law to regulate financial advisors and their representatives and supervisors, and for other purposes relating thereto or related thereto. As a member of the Financial Action Task Force (FATF), the Monetary Authority of Singapore (MAS) launched the MAS anti-terrorism measures. Regulations in September 2002 under the MAS Act (Chapter 186), which was later renamed MAS Notice 626 - Prevention of Money Laundering and Combating the Financing of Terrorism (AML/CFT), to incorporate both the on money laundering and CFT. This helps combat money laundering activities resulting from any criminal behavior and terrorist financing activities. The various banking regulations under the subsidiary legislation also include guidelines on Fair Transactions - Responsibilities of the Board and Senior Management to Deliver Fair Transaction Outcomes to Customers (2009), focusing on consumer confidence in the conduct of financial institutions (FIs) to prioritize the interests of consumers and also in banking regulations (credit cards and payment cards) (2013). Keep in mind: this is just a sample. Get a custom paper now from our expert writers.Get a Custom EssayThe Association of Banks of Singapore (ABS) was established in 1973 to represent the interests of Singapore's investment and commercial banking community. ABS maintains strategic engagement with its stakeholders (regulators, banks and customers), developing and implementing a code of conduct and industry guidelines that are consistent with international best practice. ABS also partners with international organizations to strengthen the interest of its members..