What is the Banking Act for?

What is the Banking Act for?

19) Governs the licensing and regulation of banks, merchant banks and related institutions, including their credit card and charge card business.

What is the Banking Act 1959?

The Banking Act 1959 (Banking Act) places restrictions on financial businesses using certain words and expressions related to banking. These restrictions apply to any ‘financial business’, meaning a business that includes or relates to the provision of financial services, whether or not in Australia.

What are the implications of violating Section 47 of the Banking Act?

There are criminal liabilities for breach of the banking secrecy provisions in the Act. A bank officer who is in breach of section 47 is liable to a fine not exceeding S$125,000 or a term of imprisonment not exceeding three years or to both fine and imprisonment, and for the bank a fine, not exceeding S$250,000.

What is Singapore secrecy Act?

Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act. Section 47 states that 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 the Banking Act.

How does the Banking Act apply in Singapore?

(10) This section and the Third Schedule shall apply, with such modifications as may be prescribed by the Authority, to a merchant bank as if the reference to a bank in this section were a reference to such merchant bank. Copyright © 2021 Government of Singapore. All rights reserved.

Who is responsible for a bank incorporated outside of Singapore?

in relation to a bank incorporated outside Singapore, a supervisory authority which is responsible, under the laws of the country or territory where the bank or its parent bank is incorporated, formed or established, for supervising the bank or its parent bank, as the case may be; or.

Can a bank in Singapore have an MB in Singapore?

Under the Amendment Act, a bank in Singapore and an MB in Singapore must comply with certain requirements before obtaining any relevant service from its branch or office that is located outside Singapore, or from a person.

What are the powers of control over banks in Singapore?

Part VII POWERS OF CONTROL OVER BANKS, ETC. Loading… 47.— (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.