Banking Act 1970 - Singapore Statutes Online

Information to be provided by banks

26.—(1) Every bank must provide to the Authority such information (including returns) at such time and in such manner as the Authority may reasonably require for the proper discharge of its functions.

(2) Every bank must send to the Authority —

(a)

not later than 3 months after the close of its financial year or within such longer period as the Authority may on application of the bank approve —

(i)

in the case of —

(A)	a bank incorporated in Singapore, a copy of its latest audited financial statements as may be required to be laid at its annual general meeting under section 201 of the Companies Act 1967; or
(B)	a bank incorporated outside Singapore, a copy of its latest audited annual balance sheet and profit and loss account together with any notes thereon;

(ii)

a copy of the report of the auditors of the bank;

(iii)

a copy of the report of the directors of the bank;

(iv)

a duly audited balance sheet showing its assets used in, and liabilities arising out of, its operation in Singapore as at the date to which its balance sheet was made up; and

(v)

a duly audited profit and loss account which gives a true and fair view of the profit or loss arising out of the bank’s operation in Singapore for its last preceding financial year;

(b)

in the case of a bank incorporated in Singapore, within such period as the Authority may require, its interim profit and loss account for every half‑year or such other intervals as the Authority may determine; and

(c)

within such period and in such manner as the Authority may require, such further or additional information as the Authority may consider necessary either by way of explanation, amplification or otherwise with regard to any of the balance sheets and profit and loss accounts sent under paragraph (a) or (b).

[35/2014]

(3) In the case of a bank incorporated outside Singapore, the statements mentioned in subsection (2)(a)(i)(B), (ii) and (iii) may be made in a manner that complies with the law for the time being applicable in the place of its incorporation, formation or establishment.

[35/2014]

(4) The Authority may regard the balance sheet and profit and loss account as having been duly audited for the purpose of subsection (2)(a)(iv) and (v) if the balance sheet and profit and loss account are accompanied by a report by a public accountant within the meaning of the Companies Act 1967 which complies, insofar as it is practicable, with section 207 of that Act.

(5) The Authority may require any statement submitted to it under subsection (1) to be accompanied by a certificate —

(a)	of the auditor appointed by the bank under section 58(1); or
(b)	of any other auditor appointed by the Authority under section 58(3),

as to whether in the opinion of the auditor, the statement or information is correct.

(6) Any information received from a bank under this section must be treated as secret by the Authority.

(6A) Nothing in subsection (6) precludes the Authority from disclosing any information, not being customer information as defined in section 40A, received from a bank under this section if —

(a)	the information is in the public domain;
(b)	the information is disclosed in such a manner that the bank’s identity cannot be ascertained;
(c)	the bank or the person from whom the bank has obtained the information consents to the disclosure;
(d)	the person to whom the information relates consents to the disclosure;
(e)	the disclosure of the information is necessary for the performance of any principal object or function, or the exercise of any power, of the Authority under this Act or any other written law; or
(f)	the disclosure of the information is required under any written law. [5/2016]

(6B) Nothing in subsection (6) prevents the Authority from disclosing any information received from a bank under this section if the disclosure is pursuant to an order of court in Singapore.

[5/2016]

(7) Nothing in this section prevents the Authority from preparing and publishing consolidated statements aggregating such information as may be provided under this section.

(8) Any bank which contravenes subsection (1) or (2) or a requirement of the Authority under subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

[5/2016]

(9) Any bank which in purported compliance with this section provides any information to the Authority, knowing or reckless that the information is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.

[5/2016]

(10) Where a bank is guilty of an offence under subsection (8) or (9), any individual charged with the duty of securing the bank’s compliance with the subsection or requirement, and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —

(a)	if the individual committed the offence wilfully, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)	if the individual did not commit the offence wilfully, to a fine not exceeding $125,000. [5/2016]

(11) Any bank which fails to take reasonable care that any information provided to the Authority in purported compliance with this section is accurate, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

[5/2016]

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