Singapore legislation

Section 57F

of Banking Act 1970

Section 57F

Inspection and investigation

(1)

The Authority may from time to time inspect, under conditions of secrecy, the books of a licensee for the purpose of ensuring that —

(a)

any provision of this Part;

(b)

any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;

(c)

any condition or restriction imposed by the Authority under section 57B; or

(d)

any direction issued by the Authority under section 57D,has been or is being complied with.

(2)

The Authority may at any time make an investigation, under conditions of secrecy, of the books of any licensee, if it has reason to believe that the licensee is contravening —

(a)

any provision of this Part;

(b)

any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;

(c)

any condition or restriction imposed by the Authority under section 57B; or

(d)

any direction issued by the Authority under section 57D.

(3)

For the purposes of an inspection or investigation under this section, the licensee must produce such books (and afford the Authority access thereto) and provide such information and facilities as may be required by the Authority to conduct the inspection or investigation.

(4)

The books mentioned in subsection (3) must not be required to be produced at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the licensee.

(5)

The Authority may appoint an auditor, other than the auditor appointed by the licensee or by the Authority under section 58, to exercise the powers of the Authority under subsection (1) or (2).

(6)

The remuneration and expenses of any auditor appointed under subsection (5) must be paid by the licensee.

(7)

Any licensee who, without reasonable excuse, contravenes subsection (3) 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.

Read in full context — Banking Act 1970 →