Singapore legislation

Clause 42

Banking secrecy

(1)

Except as provided in sections 40 and 41 of this Act, nothing in this Act shall authorise the Commissioner to enquire specifically into the affairs of any individual customer of any bank and any incidental information relating to the affairs of such individual customer obtained by him in the course of an inspection or investigation made by him under the provisions of this Act shall be secret between him and that bank:Provided that nothing in this section shall be deemed to limit any powers conferred upon the High Court or a Judge thereof by the Evidence (Bankers’ Books) Ordinance (Cap. 5) or to prohibit obedience to an order made under that Ordinance.

(2)

No official of any bank and no person who by reason of his capacity or office has by any means access to the records of the bank registers or any correspondence or material with regard to the account of any individual customer of that bank shall give, divulge or reveal any information whatsoever regarding the moneys or other relevant particulars of the account of such customer to —

(a)

any person who, or any bank, corporation or body of persons which, is not resident in Singapore; or

(b)

any foreign government or organisation, unless —

(i)

the customer or his personal representatives gives or give his or their permission so to do;

(ii)

the customer is declared bankrupt; or

(iii)

the information is required to assess the credit worthiness of the customer in connection with or relating to a bona fide commercial transaction or a prospective commercial transaction.

(3)

For the purposes of paragraph (a) of subsection (2) of this section a bank, corporation or body of persons shall be regarded as not residing in Singapore if the control and management of the business thereof is exercised outside Singapore.

(4)

Any person who contravenes the provisions of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine of ten thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.

Read in full context — Banking Bill →