Singapore legislation
Section 57EB
Section 57EB
Information to be provided on business of issuing credit cards or charge cards
(1)
The Authority may, by written notice, require —
any licensee;
any bank in Singapore; or
any person prescribed under section 57(9),to provide to the Authority such information or statement relating to its business of issuing credit cards or charge cards, at such time and in such manner as the Authority may specify, if, in the opinion of the Authority, it requires that information or statement for the proper discharge of its functions under this Act.
(2)
The Authority may require any information or statement submitted to it under subsection (1) to be accompanied by —
in the case of a bank —
a certificate of the auditor appointed by the bank under section 58(1); or
a certificate of any auditor appointed by the Authority under section 58(3); or
in the case of any other person, a certificate of an auditor appointed by that person,as to whether, in the opinion of the auditor, the information or statement is correct.
(3)
Any information received from any person under this section must be treated as secret by the Authority.
(4)
The Authority may disclose any information or statement received under this section if —
it is in the public domain;
it is disclosed in such a manner that the identity of the person who provided it cannot be ascertained;
the person who provided it, or the person from whom it is obtained, consents to the disclosure;
the person to whom the information or statement relates consents to the disclosure;
its disclosure is necessary for the performance of any principal object or function, or the exercise of any power, of the Authority under this Act or any other written law; or
its disclosure is pursuant to any requirement under any written law or order of court in Singapore.
(5)
Nothing in this section prevents the Authority from preparing and publishing consolidated statements aggregating information provided under subsection (1).
(6)
Any person who fails to comply with a requirement under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
(7)
Where a person mentioned in subsection (1)(a), (b) or (c), in purported compliance with a requirement in subsection (1) or (2), provides any information to the Authority, knowing or reckless that the information is false or misleading in a material particular, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.
(8)
Where a person mentioned in subsection (1)(a), (b) or (c) is guilty of an offence under subsection (6), any individual charged with the duty of securing the person’s compliance with the requirement under subsection (1) or (2), and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —
if the individual committed the offence wilfully, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both; or
if the individual did not commit the offence wilfully, to a fine not exceeding $12,500.
(9)
Where a person mentioned in subsection (1)(a), (b) or (c) is guilty of an offence under subsection (7), any individual charged with the duty of securing the person’s compliance with the requirement under subsection (1) or (2), and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —
if the individual committed the offence wilfully, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
if the individual did not commit the offence wilfully, to a fine not exceeding $125,000.
(10)
A person mentioned in subsection (1)(a), (b) or (c) who fails to take reasonable care that any information provided to the Authority in purported compliance with a requirement under subsection (1) or (2) is accurate, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.