Singapore: How is the FX swap accounted for in the calculation of the aggregate gross notional amount?

An FX swap can be seen as a combination of two contracts (i.e. a spot contract and a forward contract, or two forward contracts). How is the FX swap accounted for in the calculation of the aggregate gross notional amount?

An FX swap is viewed in its entirety. Thus, when calculating the aggregate gross notional  amount, the entity only needs to include the notional amount of either leg of the FX swap.  

This is different from the operational requirement for the reporting of a FX swap where  the two legs of the swap are reported separately. 

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