Singapore legislation
Section 91
Section 91
Inspection by AML/CFT authority
(1)
Sections 161 and 162 of the MAS Act apply for the purpose of an inspection in Singapore by an AML/CFT authority of a VCC over which it exercises consolidated supervision authority, as they apply for the purpose of an inspection in Singapore by an AML/CFT authority (as defined in section 152 of the MAS Act) of a financial institution over which it exercises consolidated supervision authority, subject to the necessary modifications and the following further modifications:
section 161(5) of the MAS Act is omitted;
the reference in section 162(3) of the MAS Act to any prescribed written law or any requirement imposed under any such written law, is omitted;
a reference in sections 161 and 162 of the MAS Act to a financial institution is to the VCC.
(2)
Section 163 of the MAS Act applies in relation to a report produced in respect of an inspection carried out pursuant to section 161 of the MAS Act as applied by subsection (1), as it applies in relation to a report produced in respect of an inspection carried out pursuant to section 161 of the MAS Act, subject to the necessary modifications and with each reference to a financial institution replaced with a reference to the VCC concerned.