“financial transaction document”, in relation to a financial institution, means any document that relates to a financial transaction carried out by the institution in its capacity as a financial institution, and includes but is not limited to a document that relates to —
(a)
the opening or closing by a person of an account with the institution;
(b)
the operation by a person of an account with the institution;
(c)
the opening or use by a person of a deposit box held by the institution;
(d)
the telegraphic or electronic transfer of funds by the institution on behalf of a person to another person;
(e)
the transmission of funds between Singapore and a foreign country or between foreign countries on behalf of a person;
(f)
an application by a person for a loan from the institution (where a loan is made to the person pursuant to the application); or
(g)
records of customer identification, or if the institution is a VCC, records of identification of its members;
[Act 44 of 2018 wef 14/01/2020]
“minimum retention period”, in relation to a financial transaction document of a financial institution, means —
(a)
if the document relates to the opening of an account with the institution, the period of 5 years after the day on which the account is closed;
[2/2007 wef 01/03/2007]
(b)
if the document relates to the opening by a person of a deposit box held by the institution, the period of 5 years after the day on which the deposit box ceases to be used by the person; or
[2/2007 wef 01/03/2007]
(c)
in any other case, the period of 5 years after the day on which the transaction takes place.
[2/2007 wef 01/03/2007]
[25/99]
(2) In sections 37 and 38, a reference to a copy includes a copy retained in the form of microfilm, microfiche, electronic records in accordance with section 9(1) of the Electronic Transactions Act (Cap. 88) or such other form as the Monetary Authority of Singapore may approve.