Singapore legislation
Section 81ZD
Section 81ZD
Obligation to maintain confidentiality
(1)
Subject to subsection (2), an approved holding company and its officers and employees must maintain, and aid in maintaining, the confidentiality of all user information that —
comes to the knowledge of the approved holding company or any of its officers or employees; or
is in the possession of the approved holding company or any of its officers or employees.
(2)
Subsection (1) does not apply to —
the disclosure of user information for such purposes, or in such circumstances, as the Authority may prescribe;
any disclosure of user information which is authorised by the Authority to be disclosed or provided; or
the disclosure of user information pursuant to any requirement imposed under any written law or order of court in Singapore.
(3)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part of a day during which the offence continues after conviction.
(4)
To avoid doubt, nothing in this section is to be construed as preventing an approved holding company from entering into a written agreement with a user which obliges the approved holding company to maintain a higher degree of confidentiality than that specified in this section.