Division 1 — General provisions
Interpretation of this Part
30X.—(1)  In this Part, unless the context otherwise requires —
“agent” means an insurance agent in respect of policies which relate to general business within the meaning of section 2(1)(b) of the Insurance Act (Cap. 142);
“AML/CFT authority”, or Anti-Money Laundering/Countering the Financing of Terrorism authority, means a public authority of a foreign country which is responsible for the supervision of foreign financial institutions in that foreign country;
“AML/CFT requirement”, or Anti-Money Laundering/Countering the Financing of Terrorism requirement —
(a)in relation to a foreign country, means a law or regulatory requirement of that foreign country for the detection or prevention of money laundering or the financing of terrorism; or
(b)in relation to Singapore, means a written law, or a regulatory requirement imposed under a written law, for the detection or prevention of money laundering or the financing of terrorism;
“applicable offence” means a drug dealing offence or a serious offence as defined in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A);
“book” includes any record, register, document or other record of information and any account or accounting record, however compiled, recorded or stored, and whether in written or printed form or on microfilm or any electronic form or otherwise;
“chief executive”, in relation to a financial institution, means any person, by whatever name described, who —
(a)is in the direct employment of, or acting for or by arrangement with, the financial institution; and
(b)is principally responsible for the management and conduct of the business of the financial institution;
“corresponding authority” means a public authority of a foreign country which exercises a function that corresponds to a regulatory function of the Authority under any prescribed written law;
“director”, in relation to a financial institution, includes —
(a)any person, by whatever name described, occupying the position of a director of the financial institution;
(b)a person in accordance with whose directions or instructions the directors of the financial institution are accustomed to act; and
(c)an alternate director, or a substitute director, of the financial institution;
“domestic authority” means a Law Officer, a ministry or department of the Government, or a statutory body (other than the Authority) established by or under a public Act for a public purpose;
“employee” includes an individual seconded or temporarily transferred from another employer;
“enforcement action” means any criminal or civil action taken by a domestic authority against a person for an applicable offence, including the restraining of dealing with, or the seizure or confiscation of, any property in connection with an applicable offence, and the offer of composition of the offence;
“executive officer”, in relation to a financial institution, means any person, by whatever name described, who —
(a)is in the direct employment of, or acting for or by arrangement with, the financial institution; and
(b)is concerned with or takes part in the management of the financial institution on a day-to-day basis;
“financial institution” has the same meaning as in section 27A(6) read with section 27A(7);
“foreign country” means any country or territory other than Singapore;
“foreign financial institution” means an institution that is licensed, approved, registered or otherwise regulated under any law administered by a corresponding authority in a foreign country to carry on any financial activities in that country, or that is exempted from such licensing, approval, registration or regulation for the carrying on of any financial activities in that country;
“information” includes any information, book, document or other record in any form whatsoever (including an electronic form), as well as any container or article containing any information or record;
“insurance agent” has the same meaning as in section 1A of the Insurance Act;
“investigation”, in relation to a domestic authority, means an investigation by that authority to determine if a person has committed or is committing an applicable offence;
“Law Officer” means the Attorney-General, a Deputy Attorney-General, the Solicitor-General, a Deputy Public Prosecutor or a legally qualified member of the Attorney‑General’s Chambers;
“office holder”, in relation to a financial institution, means any person acting as the liquidator, the provisional liquidator, the receiver or the receiver and manager of the financial institution, or acting in an equivalent capacity in relation to that financial institution;
“policy” has the same meaning as in the First Schedule to the Insurance Act;
“prescribed written law” means the following Acts and the subsidiary legislation made under those Acts:
(a)this Act;
(b)the Banking Act (Cap. 19);
(c)the Business Trusts Act (Cap. 31A);
(d)the Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B);
(e)the Finance Companies Act (Cap. 108);
(f)the Financial Advisers Act (Cap. 110);
(g)the Financial Holding Companies Act 2013 (Act 13 of 2013);
(h)the Insurance Act;
(i)the Money-changing and Remittance Businesses Act (Cap. 187);
(j)the Payment Systems (Oversight) Act (Cap. 222A);
(k)the Securities and Futures Act (Cap. 289);
(l)the Trust Companies Act (Cap. 336);
(m)such other Act as the Authority may prescribe by regulations made under section 42;
“protected information” means information that is protected from unauthorised disclosure under any prescribed written law;
“public authority” includes a financial supervisor established as an independent non-governmental authority under a law of a foreign country;
“supervision” —
(a)in relation to an AML/CFT authority of a foreign country, means the supervision by the AML/CFT authority of foreign financial institutions carrying on any financial activities in that country for compliance with the AML/CFT requirements of that country applicable to those institutions; or
(b)in relation to a domestic authority, means the supervision by the domestic authority of persons regulated by it for compliance with the applicable AML/CFT requirements of Singapore;
“supervisory action”  —
(a)in relation to an AML/CFT authority, means any action taken by the authority for or in connection with its supervision of foreign financial institutions; or
(b)in relation to a domestic authority, means any action taken by the authority for or in connection with its supervision of persons regulated by it.
(2)  In this Part, an AML/CFT authority exercises consolidated supervision authority over a financial institution if —
(a)the financial institution is either —
(i)a foreign financial institution established or incorporated in the foreign country of the AML/CFT authority; or
(ii)a subsidiary of such a foreign financial institution; and
(b)the AML/CFT authority carries out consolidated supervision of the foreign financial institution mentioned in paragraph (a)(i) or (ii) (as the case may be), and its subsidiaries, branches, agencies and offices outside that foreign country, for compliance with the AML/CFT requirements of that foreign country that are applicable to the foreign financial institution.
[Act 14 of 2015 wef 26/06/2015]
Purposes of this Part
30Y.  The purposes of this Part are —
(a)to enable the Authority to provide information to an AML/CFT authority of a foreign country in connection with the AML/CFT authority’s supervision of foreign financial institutions carrying on any financial activities in that country for compliance with the AML/CFT requirements of that country applicable to those institutions, including the taking of supervisory action against them for a contravention of those requirements;
(b)to enable the Authority to provide information to a domestic authority in connection with —
(i)an investigation into the commission or an alleged commission of an applicable offence by a person;
(ii)an enforcement action against a person for the commission or an alleged commission of an applicable offence; or
(iii)a supervisory action against a person regulated by the domestic authority for a contravention of an applicable AML/CFT requirement of Singapore; and
(c)to enable an AML/CFT authority of a foreign country to carry out an inspection in Singapore of a financial institution over which the AML/CFT authority exercises consolidated supervision authority.
[Act 14 of 2015 wef 26/06/2015]