Banking Secrecy Act Singapore Third Schedule

August 13, 2021 Post a Comment

19 BANKING SECRECY CONDITIONS FOR OUTSOURCING This Notice is issued pursuant to paragraph 3 of Part II of the Third Schedule of the Banking Act Cap. 55S Application for merchant bank licence.

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2235 Section 47 and the Third Schedule to the Banking Act apply not only to banks but also to merchant banks approved as financial institutions in Singapore.

Banking secrecy act singapore third schedule. Quarterly reporting for section 35 banking act second schedule secrecy provisions applicable to merchant banks third schedule exceptions to secrecy obligation of merchant banks fourth schedule requirements for reports to be submitted to authority. Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act. Disclosure must not be made to any auditor referred to in paragraph aiv of the second column other than an auditor appointed or engaged by the bank in Singapore unless the auditor has given to the bank a written undertaking that the auditor will not disclose any customer information obtained by the auditor in the course of the performance of audit to any person other than.

THIRD SCHEDULE Disclosure of Information 12113 206 PM a b. Additional situations under Part II of the Third Schedule allows customer information to be disclosed in connection with the acquisition or merger of the bank. 47 Banking secrecy 48 Information of insolvency etc.

Outsourcing and MAS Notice 634. For the purpose of outsourcing the. 2 When outsourcing any operational function to a service provider such that the outsourced function will be performed by the service provider outside Singapore and.

Inter alia disclosure in connection with. The Third Schedule to the Banking Act sets out in illuminating detail the circumstances conditions and details of permissible disclosure. The General Prohibition on Disclosure of Customer Information under Section 47 Banking Act.

48A Interpretation of sections 49 to 53. Secrecy act singapore. 1 Customer information shall not in any way be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act.

55V Businesses that merchant banks in Singapore may carry on. Customers written consent. Section 47 states that customer information shall not in any way be disclosed by a bank in Singapore.

2 A bank in Singapore or any of its officers may for such purpose as may be specified in the first column of the Sixth Schedule disclose customer information. 2 of 2019 PSA which came into force on 28 January 2020 and the introduction of relief measures in response to the onset of the COVID-19 pandemic. Banking Act CHAPTER 19 Long Title Part I PRELIMINARY 1 Short title 2 Interpretation.

Banking secrecy in Singapore is governed by section 47 of the Banking Act Chapter 19 which prohibits banks incorporated in Singapore or foreign banks with branches in Singapore from disclosing any customer information to any other person except as expressly provided by the Third Schedule of the Act. 55U Restrictions on merchant banks in Singapore accepting or soliciting deposit or raising money in Singapore dollars. 19 Governs the licensing and regulation of banks merchant banks and related institutions including their.

Disclosed by a bank in Singapore or any of its officers except as expressly provided for in the Banking Act. The Statutory Exceptions to that General Prohibition under 3rd Schedule Banking Act and the statutory conditions governing disclosure. A breach of any of the prescribed statutory obligation amounts to a criminal offence.

Banking secrecy in Singapore is governed by section 47 of the Banking Act Chapter 19 which prohibits banks incorporated in Singapore or foreign banks with branches in Singapore from disclosing any customer information to any other person except as expressly provided by the Third Schedule of the Act. 55T Minimum capital requirements of merchant banks. Recent notable developments in Singapores banking landscape include the granting of digital banking licences by the Monetary Authority of Singapore MAS the enactment of the Payment Services Act 2019 No.

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