Banks expected to take appropriate measures on firms linked to haze-related activities: MAS
The Monetary Authority of Singapore wants banks to manage environmental risks related to haze. This includes identifying and monitoring risks from deforestation and pollution. Banks should use information provided by the National Environment Agency under the Transboundary Haze Pollution Act. They are expected to engage with customers linked to activities that cause haze to gather more information.
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.