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BANKS FACE CONSEQUENCES OF NON-COMPLIANCE WITH INTERNAL PRACTICES AND ACCEPTED BANKING PROCEDURES

September 2009 - Finance. Legal Developments by Drew & Napier LLC .

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The Singapore High Court has criticised the conduct of the Singapore branches of two foreign banks in failing to adhere to internal control mechanisms and accepted banking procedures in the verification of signatures on certified extracts of board resolutions. The court also provided valuable guidance on the steps banks could take to ensure the bona fides of such certified extracts.

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