OBLIGATIONS IN RELATION TO PAYMENTS TO NON‑PARTICIPATING FINANCIAL INSTITUTION
Identification and disclosure obligations
11.—(1) A reporting Singaporean financial institution that comes within the terms of sub‑paragraph (d) of paragraph 1 of Article 4 of the Agreement must make a disclosure of information in respect of any payment mentioned in that sub‑paragraph that is made on or after 1 January 2021 in accordance with the requirements of that sub‑paragraph.
(2) A breach of paragraph (1) is an offence for the purposes of section 105M of the Act.