Investigation by Authority
49.—(1)  The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:
(a)to determine whether —
(i)a licensed credit bureau is carrying on its business in a manner likely to be detrimental to the interests of its approved members or customers of its approved members;
(ii)a licensed credit bureau is conducting its credit reporting business in a proper manner; or
(iii)an approved member of a licensed credit bureau is conducting its activities as an approved member in a proper manner;
(b)to investigate an alleged or suspected offence or contravention of any provision of this Act;
(c)to ensure compliance with this Act or any notice in writing issued by the Authority under this Act.
(2)  For the purposes of subsection (1), the Authority may —
(a)by notice in writing, require any person to provide information or to produce books relating to any matter under investigation, and such person must immediately comply with that requirement;
(b)make copies of, or take possession of, any such books;
(c)use, or permit the use of, any such books for the purposes of any proceedings under this Act; and
(d)subject to subsection (4), retain possession of any such books for so long as is necessary —
(i)for the purposes of exercising a power conferred by this section;
(ii)for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(iii)for such proceedings to be commenced and carried on.
(3)  A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4)  While the books are in the possession of the Authority, the Authority —
(a)must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and
(b)may permit another person to inspect any of the books.
(5)  The Authority may require a person that produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6)  The Authority may exercise any of its powers for the purposes of conducting an investigation under this section despite the provisions of any prescribed written law (or any requirement imposed under the prescribed written law) or any rule of law.
(7)  A requirement imposed by the Authority in the exercise of its powers under this section has effect despite any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law (or any requirement imposed under the prescribed written law), rule of law, contract or rule of professional conduct.
(8)  Any person that complies with a requirement imposed by the Authority in the exercise of its powers under this section is not to be treated as being in breach of any restriction on the disclosure of the information imposed by any prescribed written law (or any requirement imposed under the prescribed written law), rule of law, contract or rule of professional conduct.
(9)  No civil or criminal action lies against any person for —
(a)providing information or producing books to the Authority if the person provided the information or produced the books in good faith in compliance with a requirement imposed by the Authority under this section; or
(b)doing or omitting to do any act, if the person did or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this section.
(10)  Any person that fails, without reasonable excuse, to comply with subsection (2)(a) or a requirement of the Authority under subsection (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 $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or
(b)in any other case, 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 of a day during which the offence continues after conviction.
(11)  In this section, “prescribed written law” means this Act, or any of the following written laws and any subsidiary legislation made under this Act or those written laws:
(a)Banking Act (Cap. 19);
(b)Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B);
(c)Finance Companies Act (Cap. 108);
(d)Financial Advisers Act (Cap. 110);
(e)Insurance Act (Cap. 142);
(f)Monetary Authority of Singapore Act (Cap. 186);
(g)Payment Services Act 2019;
[Act 2 of 2019 wef 31/05/2021]
(h)[Deleted by Act 2 of 2019 wef 31/05/2021]
(i)Securities and Futures Act (Cap. 289);
(j)Trust Companies Act (Cap. 336);
(k)such other written law as the Authority may prescribe.