Singapore legislation
Clause 25
Clause 25
New section 40A
The Banking Act is amended by inserting, immediately before section 41, the following section:“Interpretation of this Part40A. In this Part —“customer”, in relation to a bank, includes the Authority or any monetary authority or central bank of any other country or territory, but does not include any company which carries on banking business or such other financial institution as may be designated by the Authority by notice in writing;“customer information”, in relation to a bank, means —
any information relating to, or any particulars of, an account of a customer of the bank, whether the account is in respect of a loan, investment or any other type of transaction, but does not include any information that is not referable to any named customer or group of named customers; or
deposit information;“deposit information”, in relation to a bank, means any information relating to —
any deposit of a customer of the bank;
funds of a customer under management by the bank; or
any safe deposit box maintained by, or any safe custody arrangements made by, a customer with the bank,but does not include any information that is not referable to any named person or group of named persons;“funds of a customer under management” means any funds or assets of a customer (whether of the bank or any financial institution) placed with that bank for the purpose of management or investment;“parent bank”, in relation to a bank, means a financial institution which is able to exercise a significant influence over the direction and management of the bank or which has a controlling interest in the bank;“parent supervisory authority”, in relation to a bank incorporated outside Singapore, means the supervisory authority which is responsible, under the laws of the country or territory where the bank or its parent bank is incorporated, formed or established, for supervising the bank or its parent bank, as the case may be.”.