Singapore legislation
Clause 3
Clause 3
Repeal and re-enactment of section 6
Section 6 of the Banking Act is repealed and the following section substituted therefor:“Examination of persons suspected of transacting banking business and access to premises
6. Whenever the Authority has reason to believe that a person is transacting banking business without a licence, it —
shall, at all times, have full and free access to the premises at which that person is suspected of transacting banking business without a licence or at which that person may have books, accounts and records; and
shall, at all times, have the power to examine, copy or take possession of the books, accounts and records of that person in order to ascertain whether or not that person has violated, or is violating, any provisions of this Act,and any refusal to allow full and free access to such premises or to submit such books, accounts and records shall be prima facie evidence of the fact of operation without a licence.”.