Banking Act 1970 - Singapore Statutes Online

THIRD SCHEDULE

Section 47

Disclosure of information

Part 1

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 or she is deceased, his or her appointed personal representative.

Any person as permitted by the customer or, if he or she is deceased, his or her 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 private [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 the customer’s surety relating to the banking transaction 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 private [see section 47(3) and (4)].

(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 the customer’s surety.

5.	Disclosure is necessary for —

(a)	compliance with an order or request made under any specified written law to provide information, for the purposes of an investigation or prosecution, of an offence alleged or suspected to have been committed under any written law; or

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.

(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.

6.	Disclosure is necessary for compliance with an enforcement order for attachment of a debt 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 enforcement order for attachment of a debt.

7.	Disclosure is necessary for compliance with an order of the Supreme Court or a Judge sitting in the Supreme Court pursuant to the powers conferred under Part 4 of the Evidence Act 1893.

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)	Deposit information must not 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.

[Act 25 of 2021 wef 01/04/2022]

Part 2

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 —

(a)	in connection with the performance of duties as an officer or a professional adviser of the bank; or

(b)	to enable an auditor appointed or engaged by a 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, to make certain disclosures.

(a)	For the purpose of item 1(a) in the first column —

(i)	an officer of the bank in Singapore;

(ii)	an 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;

(iii)

a lawyer, consultant or other professional adviser appointed or engaged by the bank in Singapore under a contract for service; or

(a)

Disclosure must not be made to any auditor referred to in paragraph (a)(iv) of the second column, other than an auditor appointed or engaged by the bank in Singapore, unless the auditor has given to the bank a written undertaking that the auditor will not disclose any customer information obtained by the auditor in the course of the performance of audit to any person other than —

(i)	the head office of the bank in Singapore;

(ii)	in the case of a foreign‑owned bank incorporated in Singapore, its parent bank;

(iv)	an 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.

(b)	For the purpose of item 1(b) in the first column —

(i)	the head office of the bank in Singapore, where the head office receives information from an auditor under paragraph (a)(iv);

(iii)

an employee of the Accounting and Corporate Regulatory Authority appointed as a practice reviewer under section 35 of the Accountants Act 2004 to carry out a practice review of the auditor.

(b)	The disclosure by any auditor to any person mentioned in paragraph (b)(iii) of the second column is subject to any conditions specified in a notice issued by the Authority to the auditor.

(ii)	in the case of a foreign-owned bank incorporated in Singapore, its parent bank, where the parent bank receives information from an auditor under paragraph (a)(iv); or

(iii)

any employee of the Accounting and Corporate Regulatory Authority who is appointed under section 35 of the Accountants Act 2004 to carry out a practice review of an auditor, where the employee receives information from the auditor under paragraph (a)(iv).

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.

The disclosure is 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 the person’s 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 7A, 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 mentioned 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 4B of the Monetary Authority of Singapore Act 1970, whether or not the transfer is subsequently carried out or completed.

Any —

(a)	transferor or transferee, defined in section 56 of the Monetary Authority of Singapore Act 1970;

(b)	person affected by the transfer;

(c)	professional adviser appointed by any person mentioned in paragraph (a) or (b); or

(d)	independent assessor appointed by the Authority under section 57 of the Monetary Authority of Singapore Act 1970.

4C.	Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 3 of Part 4B of the Monetary Authority of Singapore Act 1970, whether or not the transfer is subsequently carried out or completed.

Any —

(a)	transferor or transferee, defined in section 65 of the Monetary Authority of Singapore Act 1970;

(b)	professional adviser appointed by the transferor or transferee; or

(c)	independent assessor appointed by the Authority under section 66 of the Monetary Authority of Singapore Act 1970.

4D.	Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 4 of Part 4B of the Monetary Authority of Singapore Act 1970, whether or not the restructuring is carried out or completed.

Any —

(a)	shareholder of the bank;

(b)	subscriber defined in section 68 of the Monetary Authority of Singapore Act 1970;

(c)	professional adviser appointed by the bank or any person mentioned in paragraph (a) or (b); or

(d)	independent assessor appointed by the Authority under section 69 of the Monetary Authority of Singapore Act 1970.

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 the person’s lawyers or other professional advisers (whether or not the restructure, transfer or sale is subsequently entered into or completed).

Customer information, other than information relating to the relevant credit facilities, must not 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 to —

(a)	create a credit report by a licensed credit bureau of which the bank is an approved member; or

(b)	enable a licensed credit bureau of which the bank is an approved member to make a disclosure under —

(i)	section 13(2)(b) of the Credit Bureau Act 2016; or

(ii)	section 16 of the Credit Bureau Act 2016.

(a)	The licensed credit bureau;

(b)

Any —

(i)	approved member of the licensed credit bureau;

(ii)	person the disclosure to whom is permitted by notice under section 13(2)(b) of the Credit Bureau Act 2016; or

(iii)

third party under section 16(2)(b) of the Credit Bureau Act 2016,

where the member, person or third party receives such information from the licensed credit bureau.

(a)	Deposit information must not be disclosed.

(b)	The disclosure by the licensed credit bureau to —

(i)	the member mentioned in paragraph (b)(i) of the second column is strictly necessary to enable the member to assess the creditworthi‑ness of a customer of the member;

(ii)	the person mentioned in paragraph (b)(ii) of the second column is in accordance with the conditions specified in the notice; or

(iii)

the third party mentioned in paragraph (b)(iii) of the second column is made with the written consent of the data subject.

7A.	Disclosure is for a purpose permitted in a written notice by the Authority under section 33(3)(d) of the Credit Bureau Act 2016.

A licensed credit bureau of which the bank is an approved member.

(a)	Deposit information must not be disclosed.

(b)	The disclosure is in accordance with the conditions specified in the notice.

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.

Customer information, other than information of a general nature and not related to the details of the customer’s account with the bank, must not be disclosed.

9.	[Deleted by Act 26 of 2012]

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 mentioned 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 any act in connection with 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 mentioned in paragraph (c) of the second column is 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 mentioned in paragraph (a), (b) or (c) of the second column to any other person mentioned in the same paragraph is 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 the Minister may determine.

[Act 32 of 2022 wef 01/07/2023]

Part 3

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;

“approved member” has the meaning given by section 2 of the Credit Bureau Act 2016;

“credit report” has the meaning given by section 2 of the Credit Bureau Act 2016;

“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;

“insured depositor” has the meaning given by section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 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;

“licensed credit bureau” has the meaning given by section 2 of the Credit Bureau Act 2016;

“practice review” and “practice reviewer” have the meanings given by section 32 of the Accountants Act 2004;

[Act 32 of 2022 wef 01/07/2023]

“public officer” includes any officer of a statutory board;

“specified written law” means the Companies Act 1967, the Criminal Procedure Code 2010, the Goods and Services Tax Act 1993, the Hostage‑Taking Act 2010, the Income Tax Act 1947, the Internal Security Act 1960, the Kidnapping Act 1961, the Moneylenders Act 2008 and the Prevention of Corruption Act 1960;

“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.

[5/2010; 19/2010; 15/2011; 26/2012; 10/2013; 5/2016; 27/2016; 31/2017; 40/2019; 1/2020]

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