Singapore legislation
Section 36
Section 36
Retention of records by financial institutions
(1)
A financial institution shall, subject to subsection (4) and section 37, retain or retain a copy of each essential customer generated financial transaction document for the minimum retention period applicable to the document.
(2)
Subject to subsection (4), a financial institution shall retain, or retain a copy of, each customer generated financial transaction document that is not an essential customer generated financial transaction document for the minimum retention period applicable to the document.
(3)
Subject to subsection (4), a financial institution shall retain, or retain a copy of, each financial transaction document —
that is not a customer generated financial transaction document; and
whose retention is necessary to preserve a record of the financial transaction concerned,for the minimum retention period applicable to the document.
(4)
Subsections (1), (2) and (3) shall not apply to an essential customer generated financial transaction document, a customer generated financial transaction document that is not an essential customer generated financial transaction document and a financial transaction document that relates to a single deposit, credit, withdrawal, debit, transfer or transaction of an amount of money that does not exceed $20,000 or such higher amount as is prescribed by the regulations made for the purposes of this subsection.
(5)
A financial institution required to retain documents under this section shall retain and store them in a way that makes retrieval of the documents reasonably practicable.
(6)
A financial institution that contravenes subsection (1), (2), (3) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
(7)
This section does not limit any other obligation of a financial institution to retain documents.