Singapore legislation
Clause 36
Clause 36
Consequential amendments to Banking Act
(1)
Section 20 of the Banking Act (Cap. 19, 2008 Ed.) is amended by deleting the words “or 4” in subsections (1)(b) and (7) and substituting in each case the words “, 4 or 4A”.
(2)
Section 43 of the Banking Act is amended by inserting, immediately after subsection (2), the following subsection:“(3) 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 27C of the Monetary Authority of Singapore Act (Cap. 186).”.
(3)
Section 45 of the Banking Act is amended by inserting, immediately after subsection (6), the following subsection:“(6A) To avoid doubt, this section, and section 46 in relation to an inspection under this section, do not apply to any inspection by a parent supervisory authority of the books of any branch or office of a bank in Singapore, if —
the parent supervisory authority is an AML/CFT authority as defined in section 152 of the Monetary Authority of Singapore Act, and exercises consolidated supervision authority as defined in that section over that bank; and
the inspection is solely for the purpose of such consolidated supervision.”.
(4)
Section 62(1) of the Banking Act is amended by deleting the full‑stop at the end of paragraph (d) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraph:“(e)fifthly, any sum claimed by the trustee of a resolution fund (within the meaning of section 98 of the Monetary Authority of Singapore Act) from the bank under section 103, 104, 105 or 106 of that Act.”.
(5)
Part II of the Third Schedule to the Banking Act is amended —
by deleting the words “section 30AAR” in paragraph (a) of the second column of item 4B and substituting the words “section 56”;
by deleting the words “section 30AAS” in paragraph (d) of the second column of item 4B and substituting the words “section 57”;
by deleting the words “section 30AAV” in paragraph (a) of the second column of item 4C and substituting the words “section 65”;
by deleting the words “section 30AAW” in paragraph (c) of the second column of item 4C and substituting the words “section 66”;
by deleting the words “section 30AAY” in paragraph (b) of the second column of item 4D and substituting the words “section 68”; and
by deleting the words “section 30AAZ” in paragraph (d) of the second column of item 4D and substituting the words “section 69”.