Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
The recent case of Illinois DNR v. Regions Bank illustrates the importance of clear wording of automatic extension clauses and issuing banks including a final expiration date in their standbys.
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.
