Banks expected to take appropriate measures on firms linked to haze-related activities: MAS
Singapore's central bank on Wednesday (Oct 28) reiterated its expectations of banks' management of haze-related environmental risks in relation to their customers.The Monetary Authority of Singapore (MAS) said it expects banks to identify, assess, manage and monitor material environmental risks arising from their activities and exposures, including risks associated with pollution and deforestation.Banks here are also expected to take into consideration relevant information released by the National Environment Agency under the Transboundary Haze Pollution Act. "Where customers may be linked to activities contributing to haze, banks should engage them and obtain sufficient information to understand their role and involvement, including whether adequate measures are in place to prevent, detect and stop fires," MAS said.And where heightened environmental risks are identified, banks should take appropriate measures to mitigate the risks.