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Contents

Long Title

Part I PRELIMINARY

Part II APPOINTMENT OF ASSISTANTS

Part III LICENSING OF BANKS

Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION

Part V PROHIBITED BUSINESS

Part VI MINIMUM ASSET REQUIREMENTS

Part VII POWERS OF CONTROL OVER BANKS

Part VIIA VOLUNTARY TRANSFER OF BUSINESS

Division 1 — Voluntary transfer of business of bank

Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed

Division 5 — Miscellaneous

Part VIII CREDIT CARD AND CHARGE CARD BUSINESSES

Part IX MISCELLANEOUS

FIRST SCHEDULE Banks

SECOND SCHEDULE Effect of merger

THIRD SCHEDULE Disclosure of information

FOURTH SCHEDULE Specified provisions

FIFTH SCHEDULE Definitions in sections 27, 28, 29 and 38

Legislative History

Comparative Table

Comparative Table

 
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THIRD SCHEDULE
Section 47
Disclosure of information
Part I
Further Disclosure Not Prohibited
First column
Second column
Third column
Purpose for which customer information may be disclosed
Persons to whom information may be disclosed
Conditions
1.
Disclosure is permitted in writing by the customer or, if he is deceased, his appointed personal representative.
Any person as permitted by the customer or, if he is deceased, his appointed personal representative.
 
2.
Disclosure is solely in connection with an application for a grant of probate or letters of administration in respect of a deceased customer’s estate.
Any person whom the bank in good faith believes is entitled to the grant of probate or letters of administration.
 
3.
Disclosure is solely in connection with —
(a)
where the customer is an individual, the bankruptcy of the customer; or
(b)
where the customer is a body corporate, the winding up of the customer.
All persons to whom the disclosure is necessary for the purpose specified in the first column.
Note: Court may order the proceedings to be held in camera [see section 47(3) and (4)].
4.
Disclosure is solely with a view to the institution of, or solely in connection with, the conduct of proceedings —
(a)
between the bank and the customer or his surety relating to the banking transaction of the customer;
(b)
between the bank and 2 or more parties making adverse claims to money in an account of the customer where the bank seeks relief by way of interpleader; or
(c)
between the bank and one or more parties in respect of property, whether movable or immovable, in or over which some right or interest has been conferred or alleged to have been conferred on the bank by the customer or his surety.
All persons to whom the disclosure is necessary for the purpose specified in the first column.
Note: Court may order the proceedings to be held in camera [see section 47(3) and (4)].
5.
Disclosure is necessary for —
(a)
compliance with an order or request made under any specified written law to furnish information, for the purposes of an investigation or prosecution, of an offence alleged or suspected to have been committed under any written law; or
(b)
the making of a complaint or report under any specified written law for an offence alleged or suspected to have been committed under any written law.
Any police officer or public officer duly authorised under the specified written law to carry out the investigation or prosecution or to receive the complaint or report, or any court.
 
6.
Disclosure is necessary for compliance with a garnishee order served on the bank attaching moneys in the account of the customer.
All persons to whom the disclosure is required to be made under the garnishee order.
 
7.
Disclosure is necessary for compliance with an order of the Supreme Court or a Judge thereof pursuant to the powers conferred under Part IV of the Evidence Act (Cap. 97).
All persons to whom the disclosure is required to be made under the court order.
 
8.
Where the bank is a bank incorporated outside Singapore or a foreign-owned bank incorporated in Singapore, the disclosure is strictly necessary for compliance with a request made by its parent supervisory authority.
The parent supervisory authority of the bank incorporated outside Singapore or the foreign-owned bank incorporated in Singapore, as the case may be.
(a)
No deposit information shall be disclosed to the parent supervisory authority.
(b)
The parent supervisory authority is prohibited by the laws applicable to it from disclosing the customer information obtained by it to any person unless compelled to do so by the laws or courts of the country or territory where it is established.
9.
Disclosure is in compliance with the provisions of this Act, the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 or any notice or directive issued by the Authority to banks.
The Authority or any person authorised or appointed by the Authority.
 
[15/2011 wef 01/05/2011]
Part II
Further Disclosure Prohibited
First column
Second column
Third column
Purpose for which customer information may be disclosed
Persons to whom information may be disclosed
Conditions
1.
Disclosure is solely in connection with the performance of duties as an officer or a professional adviser of the bank.
Any —
(a)
officer of the bank in Singapore;
(b)
officer designated in writing by the head office of the bank in Singapore or, in the case of a foreign-owned bank incorporated in Singapore, its parent bank;
(c)
lawyer, consultant or other professional adviser appointed or engaged by the bank in Singapore under a contract for service; or
(d)
auditor appointed or engaged by the bank in Singapore, the head office of the bank in Singapore or, in the case of a foreign-owned bank incorporated in Singapore, its parent bank, under a contract for service.
No disclosure shall be made to any auditor referred to in paragraph (d), other than an auditor appointed or engaged by the bank in Singapore, unless the auditor has given to the bank a written undertaking that he will not disclose any customer information obtained by him in the course of the performance of audit to any person except the head office of the bank in Singapore or, in the case of a foreign-owned bank incorporated in Singapore, its parent bank.
2.
Disclosure is solely in connection with the conduct of internal audit of the bank or the performance of risk management.
In the case of —
(a)
a bank incorporated outside Singapore —
(i)
the head office or parent bank of the bank;
(ii)
any branch of the bank outside Singapore designated in writing by the head office of the bank;
(iii)
any related corporation of the bank designated in writing by the head office of the bank;
(b)
a bank incorporated in Singapore, not being a foreign-owned bank incorporated in Singapore —
(i)
the parent bank; or
(ii)
any related corporation of the bank designated in writing by the head office of the bank; or
(c)
a foreign-owned bank incorporated in Singapore —
(i)
the parent bank; or
(ii)
any related corporation of the bank designated in writing by the parent bank.
 
3.
Disclosure is solely in connection with the performance of operational functions of the bank where such operational functions have been out-sourced.
Any person including the head office of the bank or any branch thereof outside Singapore which is engaged by the bank to perform the out-sourced functions.
If any out-sourced function is to be performed outside Singapore, the disclosure shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.
4.
Disclosure is solely in connection with —
(a)
the merger or proposed merger of the bank or its financial holding company with another company; or
(b)
any acquisition or issue, or proposed acquisition or issue, of any part of the share capital of the bank or its financial holding company,
whether or not the merger or acquisition is subsequently entered into or completed.
Any person participating or otherwise involved in the merger, acquisition or issue, or proposed merger, acquisition or issue, including any of his lawyers or other professional advisers (whether or not the merger or acquisition is subsequently entered into or completed).
 
4A.
Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 1 of Part VIIA, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 55A;
(b)
person affected by the transfer;
(c)
professional adviser appointed by any person referred to in paragraph (a) or (b); or
(d)
independent assessor appointed by the Minister or the Authority under section 55B.
 
4B.
Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 2 of Part IVB of the Monetary Authority of Singapore Act (Cap. 186), whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 30AAR of the Monetary Authority of Singapore Act;
(b)
person affected by the transfer;
(c)
professional adviser appointed by any person referred to in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 30AAS of the Monetary Authority of Singapore Act.
 
4C.
Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 3 of Part IVB of the Monetary Authority of Singapore Act, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 30AAV of the Monetary Authority of Singapore Act;
(b)
professional adviser appointed by the transferor or transferee; or
(c)
independent assessor appointed by the Authority under section 30AAW of the Monetary Authority of Singapore Act.
 
4D.
Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 4 of Part IVB of the Monetary Authority of Singapore Act, whether or not the restructuring is carried out or completed.
Any —
(a)
shareholder of the bank;
(b)
subscriber defined in section 30AAY of the Monetary Authority of Singapore Act;
(c)
professional adviser appointed by the bank or any person referred to in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 30AAZ of the Monetary Authority of Singapore Act.
 
5.
Disclosure is solely in connection with the restructure, transfer or sale, or proposed restructure, transfer or sale, of credit facilities (whether or not the restructure, transfer or sale is subsequently entered into or completed).
Any transferee, purchaser or any other person participating or otherwise involved in the restructure, transfer or sale, or proposed restructure, transfer or sale, including any of his lawyers or other professional advisers (whether or not the restructure, transfer or sale is subsequently entered into or completed).
No customer information, other than information relating to the relevant credit facilities, shall be disclosed.
6.
In the case of a customer who has been issued with a credit or charge card by a bank in Singapore, disclosure is strictly necessary for notification of the suspension or cancellation of the card by the bank by reason of the customer’s default in payment to the bank.
Any financial institution in Singapore which issues credit or charge cards.
No customer information, other than information relating to the following, may be disclosed:
(a)
the customer’s name and identity;
(b)
the amount of the debt outstanding on the customer’s credit or charge card;
(c)
the date of suspension or cancellation of the customer’s credit or charge card, as the case may be.
7.
Disclosure is strictly necessary —
(a)
for the collation, synthesis or processing of customer information by the credit bureau for the purposes of the assessment of the credit-worthiness of the customers of banks; or
(b)
for the assessment, by other members of the credit bureau specified in the second column, of the credit-worthiness of the customers of banks.
Any —
(a)
credit bureau of which the bank is a member;
(b)
other member of the credit bureau that is —
(i)
a bank or merchant bank; or
(ii)
a person, or a person belonging to a class of persons, recognised by the Authority, by notification published in the Gazette, as authorised to receive the information,
where that member receives such information from the credit bureau.
(a)
No deposit information shall be disclosed.
(b)
The disclosure by any credit bureau to any person referred to in paragraph (b) of the second column shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.
8.
Disclosure is strictly necessary for the assessment of the credit-worthiness of the customer in connection with or relating to a bona fide commercial transaction or a prospective commercial transaction.
Any other bank or merchant bank in Singapore.
No customer information, other than information of a general nature and not related to the details of the customer’s account with the bank, shall be disclosed.
9.
[Deleted by Act 26 of 2012 wef 02/01/2014]
10.
Disclosure is solely in connection with the payment of compensation under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 to insured depositors or persons referred to in section 22(7) of that Act.
(a)
The deposit insurance and policy owners’ protection fund agency;
(b)
the Public Trustee; or
(c)
any person authorised or appointed by the deposit insurance and policy owners’ protection fund agency or the Public Trustee (as the case may be) to perform its functions under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.
(a)
The disclosure by the deposit insurance and policy owners’ protection fund agency or the Public Trustee to any person referred to in paragraph (c) of the second column shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.
(b)
The disclosure by any person referred to in paragraph (a), (b) or (c) of the second column to any other person referred to in the same paragraph shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.
(c)
The Public Trustee may disclose customer information to such persons or class of persons and subject to such conditions, as may be determined by the Minister.
[Act 26 of 2012 wef 02/01/2014]
[Act 10 of 2013 wef 18/04/2013]
[15/2011 wef 01/05/2011]
Part III
Interpretation
In this Schedule, unless the context otherwise requires —
“appointed personal representative”, in relation to a deceased person, means a person appointed as executor or administrator of the estate of the deceased person;
“credit bureau” means a credit bureau recognised as such by the Authority by notification in the Gazette for the purposes of this Schedule;
“deposit insurance and policy owners’ protection fund agency” means the deposit insurance and policy owners’ protection fund agency designated under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
[15/2011 wef 01/05/2011]
“insured depositor” has the same meaning as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
[15/2011 wef 01/05/2011]
“lawyer” means an advocate and solicitor of the Supreme Court of Singapore, or any person who is duly authorised or registered to practise law in a country or territory other than Singapore by a foreign authority having the function conferred by law of authorising or registering persons to practise law in that country or territory;
“merchant bank” means a merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
“public officer” includes any officer of a statutory board;
“specified written law” means the Companies Act (Cap. 50), the Criminal Procedure Code (Cap. 68), the Goods and Services Tax Act (Cap. 117A), the Hostage-Taking Act 2010, the Income Tax Act (Cap. 134), the Internal Security Act (Cap. 143), the Kidnapping Act (Cap. 151), the Moneylenders Act 2008 (Act 31 of 2008) and the Prevention of Corruption Act (Cap. 241);
[5/2010 wef 11/02/2010]
“surety”, in relation to a customer of a bank, includes any person who has given the bank security for the liability of the customer by way of a mortgage or a charge.
[23/2001; 31/2005]