Banking Act 1970

“Under s 47(1) of the Banking Act (Cap 19, 2008 Rev Ed), customer information is confidential. The relevant section states:”

“respect of the second and third categories of documents requested by the plaintiffs. First, he opined that the documents requested fell within the definition of “customer information” in s 40A of the Banking Act (Cap 19, 2008 Rev Ed) and were therefore, subject to the banking secrecy provision in s 47 of the Act. He al”

“(c) whether the requirements under the Banking Act (Cap 19, 2008 Rev Ed) (“the BA”) read with s 175 of the Evidence Act (Cap 97, 1997 Rev Ed) (“the EA”) for discovery of documents from the respective banks had been satisfied.”

“The defendants’ second argument was principally founded on s 55B of Singapore’s Banking Act (Cap 19, 2008 Rev Ed) (“the Act”). The provision is contained in Division 1 of Part VIIA of the Act and relevantly provides:”

“to the enforcement of Singapore’s domestic tax laws. In its place, a new requirement was imposed – if the Comptroller was of the opinion that the requested information was protected under s 47 of the Banking Act (Cap 19, 2008 Rev Ed) or s 49 of the Trust Companies Act (Cap 336, 2006 Rev Ed), the Comptroller would be ob”

“Section 55B of the Banking Act is found in Part VIIA Division 1 of the same. It applies to the transfer of the whole or part of the business of a “transferor” (defined by s 55A to mean “a bank in Singapore, the whole or part of th”

“d information from financial institutions was removed pursuant to the 2013 Amendments. Prior to those amendments, where the requested information was information which was protected under s 47 of the Banking Act (Cap 19, 2008 Rev Ed) or s 49 of the Trust Companies Act (Cap 336, 2006 Rev Ed) (“protected information”), d”

“The plaintiffs relied upon s 47 (read with s 40A) of the Banking Act (Cap 19, 2008 Rev Ed), which obliges banks (with limited exceptions) to maintain confidentiality of any information or particulars relating to a loan account. The defendants are not entities within t”

“gations against Lee for a number of offences, including criminal breach of trust and cheating under ss 409 and/or 420 of the Penal Code (Cap 224, 2008 Rev Ed), as well as statutory offences under the Banking Act (Cap 19, 2008 Rev Ed), the Companies Act (Cap 50, 2006 Rev Ed), and the Securities and Futures Act (Cap 289,”

“(a) Joint account holders are protected by banking secrecy under s 47(1) of the Banking Act (Cap 19, 2008 Rev Ed) which reads: “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”

“One of the main unlawful means pointed to during the hearing and in further written submissions was the breach of the MAS Notice 632 and hence contravention of s 55 of the Banking Act (Cap 19, 2008 Rev Ed) (the “Banking Act”). The difficulty with this was that any such contravention would have to be by the plaintiff ba”

“Banking secrecy was first legislated in Singapore in 1970 through s 47 of the Banking Act 1970 (the “BA”). Section 47 was repealed and replaced by a new provision in 2002. Section 47(1) now provides:”

“in Singapore as a foreign company under the Companies Act 1967 (2020 Rev Ed); and (b) the defendant’s branches in Singapore are licensed and regulated collectively as a “bank in Singapore” under the Banking Act 1970 (2020 Rev Ed). But the only effect of these provisions is to require a foreign corporation which intends”

“ile the prayers sought for in each of the Applications differ slightly, the main prayer for all was for an order, pursuant to s 175 of the Evidence Act 1893 (2020 Rev Ed) (“EA”) read with s 47 of the Banking Act 1970 (“BA”), and para 7 of Part 1 of the Third Schedule of the BA, that each respondent provides inspection”

“as not applicable at the time the Mortgage was entered into. The requirement for residential properties is imposed by way of Monetary Authority of Singapore Notice 632, issued pursuant to s 55 of the Banking Act (Cap 19, 2008 Rev Ed), and only came about on 29 June 2013, after 11 Martaban was purchased.”

“I turn now to the applicable law. The default position in law is the duty of banking secrecy established in s 47(1) of the Banking Act 1970 (2020 Rev Ed) (“BA”). That provision prohibits the disclosure of customer information by any bank in Singapore to any other person “except as expressly provided in this Act”. Such”

“assisted the appellant’s case. The contravened provision in Ting Siew May was an enhanced restriction on residential property loans implemented by way of a notice from the MAS pursuant to s 55 of the Banking Act (Cap 19, 2008 Rev Ed) which did not address backdated options to purchase. In contrast, s 106A of the CPC is”

“ng law by virtue of the Hong Kong Money Lenders Ordinance (Cap 163), and alternatively, illegal and/or unenforceable under Singapore law pursuant to the Moneylenders Act 2008 (2020 Rev Ed) and/or the Banking Act 1970 (2020 Rev Ed).”