Credit Bureau Act 2016 · 2020 Revised Edition · Part 3 · Duties of Licensed Credit Bureaus
20. Obligation to notify Authority of certain events
Feedback & supportA licensed credit bureau must notify the Authority as soon as practicable after the occurrence of any of the following events:
licensed credit bureau
“licensed credit bureau” means a credit bureau that is for the time being licensed;
an event that results in a compromise of the confidentiality or security of any data in the possession or under the control of the licensed credit bureau;
any civil or criminal proceeding instituted against the licensed credit bureau, whether in Singapore or elsewhere;
any event (including an irregularity in any operations of the licensed credit bureau) that impedes or impairs the operations of the licensed credit bureau;
the licensed credit bureau is becoming, or is likely to become, insolvent or unable to meet any of its financial, statutory, contractual or other obligations;
any other event that the Authority may prescribe or specify by written notice from time to time.
Subject to subsection (1), a licensed credit bureau must notify the Authority within 14 days after the occurrence of any of the following events:
any change of any of its executive officers other than a director or the chief executive officer of the licensed credit bureau;
any other event that the Authority may prescribe or specify by written notice from time to time.
Any person that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.