Singapore legislation
Section 27C
Section 27C
Inspection of financial institutions for compliance with directions and regulations under sections 27A and 27B
(1)
The Authority may, from time to time, inspect under conditions of secrecy the books of —
a financial institution; or
any subsidiary, branch, agency or office outside Singapore of a financial institution incorporated or established in Singapore,for the purpose of determining the extent of compliance by the financial institution with the directions issued and the regulations made under sections 27A and 27B.
(2)
The Authority may appoint any person, including an auditor (not being an auditor of the financial institution), to carry out an inspection under this section.
(3)
If the inspection is carried out on the ground that the Authority has reason to believe that the financial institution has contravened or is contravening any direction issued or regulation made under section 27A or 27B, and if the Authority so directs, then the financial institution is liable to pay for the remuneration and expenses of any person appointed under subsection (2) for the inspection.
(4)
The Authority may recover from the financial institution the remuneration and expenses referred to in subsection (3) as a civil debt due to the Authority.
(5)
The Authority may waive the payment of all or any part of the remuneration and expenses referred to in subsection (3).
(6)
Where, in the course of an inspection under subsection (1), the Authority obtains any protected information as defined in section 152(1), and that information is not necessary for taking any action regarding non‑compliance with any direction issued or regulation made under section 27A or 27B, then the Authority must treat that information as secret.
(7)
Subsection (6) does not prevent the transmission under section 27F, 155, 157 or 160 by the Authority of any information to any authority referred to in the applicable section.
(8)
In this section and section 27D, “book” has the meaning given by section 152(1).
(9)
In this section and sections 27D, 27E and 27F, “financial institution” has the meaning given by section 27A(6) read with section 27A(7).