Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
To further safeguard customers from digital banking scams, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) prescribed on 2 June 2022 additional measures that banks need to fully implement by 31 October 2022.
