Singapore legislation
Regulation 3
Regulation 3
Designation of systems operated by Banking Computer Services Private Limited
Subregulation 1
Subject to sub-paragraph (2), the following systems, being systems operated by Banking Computer Services Private Limited for the clearing of payment obligations undertaken by the Automated Clearing House, shall be designated systems for the purposes of the Act:
Singapore Dollar Cheque Clearing System;
US Dollar Cheque Clearing System;
Inter-bank GIRO System.
Subregulation 2
The designation under sub-paragraph (1) is subject to the condition that Banking Computer Services Private Limited shall provide to the Authority such information as the Authority may reasonably require for the proper administration of the Act.
Subregulation 3
The settlement institution of the Singapore Dollar Cheque Clearing System is the Authority.
Subregulation 4
The settlement institution of the US Dollar Cheque Clearing System is Citibank N.A.
Subregulation 5
The settlement institution of the Inter‑bank GIRO System is the Authority.