Clause 48

by deleting the words “or 4” in section 10(2)(da) and substituting the words “, 4 or 4A”; and

by inserting, immediately after subsection (5) of section 47, the following subsection:“(5A) To avoid doubt, this section, and section 48 in relation to an inspection under this section, do not apply to any inspection by a parent supervisory authority of the books, accounts and transactions of any branch or office of a licensed trust company, if —

the parent supervisory authority is an AML/CFT authority as defined in section 152 of the Monetary Authority of Singapore Act (Cap. 186), and exercises consolidated supervision authority as defined in that section over that licensed trust company; and

the inspection is solely for the purpose of such consolidated supervision.”.