Bills of Exchange Act (Chapter 23): Primary legislation governing negotiable instruments and related banking matters in Singapore. Essential for LC documentation as it provides the legal framework for banking instruments.
Banking Act (Chapter 19): Core legislation that regulates banking business and operations in Singapore, providing the foundational requirements for banking transactions including domestic LCs.
Monetary Authority of Singapore Act (Chapter 186): Establishes the regulatory framework for financial institutions in Singapore, including oversight of LC operations.
MAS Notice 643: Regulatory notice on Transactions with Related Parties, crucial for ensuring proper handling of LC transactions between related entities.
MAS Notice 646: Regulatory guidelines on Credit Files, Grading and Provisioning, providing requirements for credit documentation and management.
UCP 600: Uniform Customs and Practice for Documentary Credits - While primarily for international LCs, these principles are commonly referenced in domestic LC practice in Singapore.
Contract Act (Chapter 53): Provides the general principles of contract law in Singapore, which form the basis of LC agreements.
Electronic Transactions Act (Chapter 88): Governs electronic documentation and signatures, relevant for modern LC processing and documentation.
AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements that must be considered in LC transactions to prevent financial crimes.
