Conditions for inspection by AML/CFT authority
161.—(1)  An AML/CFT authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books of a financial institution in accordance with this section, if all of the following conditions are satisfied:
(a)the financial institution is one over which the AML/CFT authority exercises consolidated supervision authority, and the inspection is solely for the purpose of such consolidated supervision;
(b)the AML/CFT authority —
(i)is prohibited by the laws applicable to it from disclosing information obtained by it in the course of the inspection to any other person, except when compelled to do so by the laws or a court of the country or territory where it is established; or
(ii)has given to the Authority such written undertaking to protect the confidentiality of the information obtained as the Authority may require;
(c)the AML/CFT authority has given a written undertaking to the Authority to comply with such conditions as the Authority may impose under subsection (3);
(d)the AML/CFT authority has provided or is willing to provide similar assistance to the Authority.
(2)  The Authority may take into account other factors which it considers relevant, besides the satisfaction of the conditions under subsection (1), when deciding whether or not to give its approval under that subsection.
(3)  The Authority may at any time, whether before, when or after giving its approval for an inspection under this section, impose conditions on the AML/CFT authority relating to —
(a)the classes of information to which the AML/CFT authority may or may not have access in the course of inspection;
(b)the conduct of the inspection;
(c)the use or disclosure of any information obtained in the course of the inspection; and
(d)such other matters as the Authority may determine.
(4)  An AML/CFT authority may, with the prior written approval of the Authority, appoint any person to conduct the inspection under subsection (1), and in such event, this section (other than this subsection) and section 162 and 163 apply to the person, as if a reference to the AML/CFT authority in those sections includes a reference to the person.
[Act 31 of 2017 wef 04/06/2018]
(5)  For the purposes of ensuring the confidentiality of any information obtained in the course of an inspection by an AML/CFT authority under this section, each provision set out in a paragraph below applies, with the necessary modifications, to any official of the AML/CFT authority, and any person referred to in subsection (4), as if the official or person were a person set out against that provision in that paragraph:
(a)section 47(1) of the Banking Act (Cap. 19) — an officer of a bank in Singapore (as defined in section 2(1) of that Act);
(b)section 47(1) of the Banking Act as applied under section 47(10) of that Act — an officer of a merchant bank approved as a financial institution under section 28 of this Act;
(c)section 49(1) of the Trust Companies Act (Cap. 336) — an officer of a licensed trust company (as defined in section 2 of that Act) in Singapore.
(6)  The Authority may, in relation to an inspection by an AML/CFT authority conducted or to be conducted under this section on a financial institution, at any time, by notice in writing to the financial institution impose such conditions or restrictions on the financial institution as the Authority may think fit, and the financial institution must comply with such conditions or restrictions.
[Act 31 of 2017 wef 04/06/2018]
[Act 14 of 2015 wef 26/06/2015]