Banking Act 1970 · 2020 Revised Edition · Part 7 · Powers of Control Over Banks, Etc.
43. Inspection of banks and their local subsidiaries
Feedback & supportLast amended by an amending law of 2022. 3 amendments in all.
The Authority may inspect under conditions of secrecy, the books of each bank in Singapore and of any branch, agency or office outside Singapore opened by a bank incorporated in Singapore.
The Authority may inspect under conditions of secrecy, the books of each subsidiary incorporated in Singapore of a bank incorporated in Singapore, not being a subsidiary that is regulated or licensed by the Authority under any other Act.
subsidiary
“subsidiary” has the meaning given by section 5 of the Companies Act 1967;
To avoid doubt, this section, and sections 44A and 46 in relation to an inspection under this section, do not apply to any inspection by the Authority for a purpose mentioned in section 169 of the Financial Services and Markets Act 2022.