Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau) Notification 2009

No. S 204

Banking Act

(Chapter 19)

Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau) Notification 2009

In exercise of the powers conferred by item 7(b)(ii) in the second column of Part II of the Third Schedule to the Banking Act, the Monetary Authority of Singapore hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau) Notification 2009 and shall come into operation on 8th May 2009.

Definition

2. In this Notification, “credit bureau” has the same meaning as in Part III of the Third Schedule to the Act.

Recognition of GE Money Pte. Ltd. as authorised to receive customer information from credit bureau

3. The Authority, being satisfied that GE Money Pte. Ltd. (Registration No. 198304203R), a moneylender licensed under the Moneylenders Act 2008 (Act 31 of 2008) —

(a)	is desirous of becoming a member of a credit bureau;
(b)	will put in place appropriate operational systems and procedures for its membership in the credit bureau;
(c)	is ready, willing and able to abide by the credit bureau’s code of conduct and to meet its obligations under the credit bureau’s subscriber’s agreement;
(d)	is aware of the restrictions against further disclosure imposed by section 47(5) of the Act;
(e)	has undertaken that it will use any customer information received by it from the credit bureau only for the purpose of assessing the credit worthiness of its clients; and
(f)	has undertaken that it will comply with such directions and requirements as the Authority may issue or specify from time to time for the purpose of ensuring the protection of the confidentiality of any customer information received by it from the credit bureau,

hereby recognises GE Money Pte. Ltd. as being authorised to receive customer information from the credit bureau of which it becomes a member.

Made this 4th day of May 2009.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[MIR/0/133/2000; AG/LEG/SL/19/2003/1 Vol. 8]

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