28. The Banking Act is amended by inserting, immediately after section 44, the following section:
—(1) For the purposes of an inspection under section 43 or an investigation under section 44, the bank under inspection or investigation shall —
produce its books, accounts and documents to the Authority and afford the Authority access thereto; and
provide such information or facilities as may be required by the Authority to conduct the inspection or investigation.
(2) The books, accounts and documents referred to in subsection (1) shall not be required to be produced at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of that bank.
(3) The Authority may appoint an auditor, other than the auditor appointed by the bank or by the Authority under section 58, to exercise the powers of the Authority under section 43 or 44.
(4) Customer information that is obtained by the Authority from a bank incorporated outside Singapore during an inspection under section 43 or an investigation under section 44 may be disclosed by the Authority to the parent supervisory authority of the bank where —
the customer information does not consist of deposit information;
the customer information is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions; and
the parent supervisory authority —
is prohibited by the laws applicable to the parent supervisory authority from disclosing the customer information obtained by it to any other person; or
has given to the Authority such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine.
(5) Any bank which, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.”.