Singapore legislation
Clause 37
Clause 37
Register of original documents
(1)
Where a financial institution is required by law to release an original of an essential customer generated financial transaction document before the end of the minimum retention period applicable to the document, the institution shall retain a complete copy of the document until the period has ended or the original is returned, whichever occurs first.
(2)
The financial institution shall maintain a register of documents released under subsection (1).
(3)
A financial institution that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.