43. Retention of records by financial institutions

Terms defined in this Act

• financial institution

  financial institution

  Defined · s 2

  “financial institution” has the meaning given by section 2 of the Financial Services and Markets Act 2022, and includes a VCC;

  Open s 2
• financial transaction document

  financial transaction document

  Defined · s 42

  “financial transaction document”, in relation to a financial institution, means any document that relates to a financial transaction carried out by the institution in its capacity as a financial institution, and includes but is not limited to a document that relates to —(a)the opening or closing by a person of an account with the institution;(b)the operation by a person of an account with the institution;(c)the opening or use by a person of a deposit box held by the institution;(d)the telegraphic or electronic transfer of funds by the institution on behalf of a person to another person;(e)the transmission of funds between Singapore and a foreign country or between foreign countries on behalf of a person;(f)an application by a person for a loan from the institution (where a loan is made to the person pursuant to the application); or(g)records of customer identification, or if the institution is a VCC, records of identification of its members;

  Open s 42
• minimum retention period

  minimum retention period

  Defined · s 42

  “minimum retention period”, in relation to a financial transaction document of a financial institution, means —(a)if the document relates to the opening of an account with the institution, the period of 5 years after the day on which the account is closed;(b)if the document relates to the opening by a person of a deposit box held by the institution, the period of 5 years after the day on which the deposit box ceases to be used by the person; or(c)in any other case, the period of 5 years after the day on which the transaction takes place.

  Open s 42