Comparison View

Exit Comparison View
Formal Consolidation |  2008 RevEd
Banking secrecy
47.—(1)  Customer information shall not, in any way, be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act.
[23/2001]
(2)  A bank in Singapore or any of its officers may, for such purpose as may be specified in the first column of the Third Schedule, disclose customer information to such persons or class of persons as may be specified in the second column of that Schedule, and in compliance with such conditions as may be specified in the third column of that Schedule.
[23/2001]
(3)  Where customer information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part I of the Third Schedule, the court may, either of its own motion, or on the application of any party to the proceedings or the customer to which the customer information relates —
(a)direct that the proceedings be held in camera; and
(b)make such further orders as it may consider necessary to ensure the confidentiality of the customer information.
[23/2001]
(4)  Where an order has been made by a court under subsection (3), any person who, contrary to such an order, publishes any information that is likely to lead to the identification of any party to the proceedings shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000.
[23/2001]
(5)  Any person (including, where the person is a body corporate, an officer of the body corporate) who receives customer information referred to in Part II of the Third Schedule shall not, at any time, disclose the customer information or any part thereof to any other person, except as authorised under that Schedule or if required to do so by an order of court.
[23/2001]
(6)  Any person who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction —
(a)in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)in any other case, to a fine not exceeding $250,000.
[23/2001]
(7)  In this section and in the Third Schedule, unless the context otherwise requires —
(a)where disclosure of customer information is authorised under the Third Schedule to be made to any person which is a body corporate, customer information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that Schedule; and
(b)the obligation of any officer or other person who receives customer information referred to in Part II of the Third Schedule shall continue after the termination or cessation of his appointment, employment, engagement or other capacity or office in which he had received customer information.
[23/2001]
(8)  For the avoidance of doubt, nothing in this section shall be construed to prevent a bank from entering into an express agreement with a customer of that bank for a higher degree of confidentiality than that prescribed in this section and in the Third Schedule.
[23/2001]
(9)  Where, in the course of an inspection under section 43 or an investigation under section 44 or the carrying out of the Authority’s function of supervising the financial condition of any bank, the Authority incidentally obtains customer information and such information is not necessary for the supervision or regulation of the bank by the Authority, then, such information shall be treated as secret by the Authority.
[23/2001]
(10)  This section and the Third Schedule shall apply, with such modifications as may be prescribed by the Authority, to a merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186) as if the reference to a bank in this section were a reference to such merchant bank.
[23/2001]
Informal Consolidation | Amended Act 5 of 2016
Privacy of customer information
47.—(1)  Customer information shall not, in any way, be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act.
[23/2001]
(2)  A bank in Singapore or any of its officers may, for such purpose as may be specified in the first column of the Third Schedule, disclose customer information to such persons or class of persons as may be specified in the second column of that Schedule, and in compliance with such conditions as may be specified in the third column of that Schedule.
[23/2001]
(3)  Where customer information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part I of the Third Schedule, the court may, either of its own motion, or on the application of any party to the proceedings or the customer to which the customer information relates —
(a)direct that the proceedings be held in camera; and
(b)make such further orders as it may consider necessary to ensure the confidentiality of the customer information.
[23/2001]
(4)  Where an order has been made by a court under subsection (3), any person who, contrary to such an order, publishes any information that is likely to lead to the identification of any party to the proceedings shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000.
[23/2001]
(5)  Any person (including, where the person is a body corporate, an officer of the body corporate) who receives customer information referred to in Part II of the Third Schedule shall not, at any time, disclose the customer information or any part thereof to any other person, except as authorised under that Schedule or if required to do so by an order of court.
[23/2001]
(6)  Any person who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction —
(a)in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)in any other case, to a fine not exceeding $250,000.
[23/2001]
(7)  In this section and in the Third Schedule, unless the context otherwise requires —
(a)where disclosure of customer information is authorised under the Third Schedule to be made to any person which is a body corporate, customer information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that Schedule; and
(b)the obligation of any officer or other person who receives customer information referred to in Part II of the Third Schedule shall continue after the termination or cessation of his appointment, employment, engagement or other capacity or office in which he had received customer information.
[23/2001]
(8)  For the avoidance of doubt, nothing in this section shall be construed to prevent a bank from entering into an express agreement with a customer of that bank for a higher degree of confidentiality than that prescribed in this section and in the Third Schedule.
[23/2001]
(9)  Where, in the course of an inspection under section 43 or an investigation under section 44 or the carrying out of the Authority’s function of supervising the financial condition of any bank, the Authority incidentally obtains customer information and such information is not necessary for the supervision or regulation of the bank by the Authority, then, such information shall be treated as secret by the Authority.
[23/2001]
(10)  This section and the Third Schedule shall apply, with such modifications as may be prescribed by the Authority, to a merchant bank as if the reference to a bank in this section were a reference to such merchant bank.
[23/2001]
[Act 5 of 2016 wef 30/11/2018]
[Act 5 of 2016 wef 30/11/2018]
Singapore Statutes Online
© 2024 Attorney-General's Chambers of Singapore,
Last updated 19 May 2024
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.