In force1993 Revised Edition

Contents

Drug Trafficking (Confiscation of Benefits) Act · 1993 Revised Edition · Part V · Information Gathering Powers

36. Retention of records by financial institutions

(1)

A financial institution shall, subject to subsection (4) and section 37, retain or retain a copy of each essential customer generated financial transaction document for the minimum retention period applicable to the document.

(2)

Subject to subsection (4), a financial institution shall retain, or retain a copy of, each customer generated financial transaction document that is not an essential customer generated financial transaction document for the minimum retention period applicable to the document.

(3)

Subject to subsection (4), a financial institution shall retain, or retain a copy of, each financial transaction document —

(a)

that is not a customer generated financial transaction document; and

(b)

whose retention is necessary to preserve a record of the financial transaction concerned,for the minimum retention period applicable to the document.

(4)

Subsections (1), (2) and (3) shall not apply to an essential customer generated financial transaction document, a customer generated financial transaction document that is not an essential customer generated financial transaction document and a financial transaction document that relates to a single deposit, credit, withdrawal, debit, transfer or transaction of an amount of money that does not exceed $20,000 or such higher amount as is prescribed by the regulations made for the purposes of this subsection.

(5)

A financial institution required to retain documents under this section shall retain and store them in a way that makes retrieval of the documents reasonably practicable.

(6)

A financial institution that contravenes subsection (1), (2), (3) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.

(7)

This section does not limit any other obligation of a financial institution to retain documents.

Terms defined in this Act

customer generated financial transaction document
Defined · s 35
“customer generated financial transaction document”, in relation to a financial institution, means a financial transaction document of the institution —(a)that relates to —(i)the opening or closing by a person of an account with the institution;(ii)the operation by a person of an account with the institution;(iii)the opening or use by a person of a deposit box held by the institution;(iv)the telegraphic or electronic transfer of funds by the institution on behalf of a person to another person;(v)the transmission of funds between Singapore and a foreign country or between foreign countries on behalf of a person; or(vi)an application by a person for a loan from the institution (where a loan is made to the person pursuant to the application); and(b)that is given to the institution by or on behalf of the person (whether or not the document is signed by or on behalf of the person);
Open s 35
essential customer generated financial transaction document
Defined · s 35
“essential customer generated financial transaction document”, in relation to a financial institution, means a customer generated financial transaction document other than a document that relates to the operation of an account held with the institution;
Open s 35
financial institution
Defined · s 2
“financial institution” includes —(a)a bank licensed under the Banking Act;(b)a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act;(c)a finance company licensed under the Finance Companies Act;(d)a dealer or an investment adviser licensed under the Securities Industry Act;(e)a futures broker, a futures trading adviser or a futures pool operator licensed under the Futures Trading Act;(f)a company or society registered under the Insurance Act; and(g)such other company or class of companies which the Minister may by order prescribe;
Open s 2
financial transaction document
Defined · s 35
“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, without limiting the generality of this, includes a document relating to —(a)the opening, operating or closing of an account held with the institution; and(b)the opening or use of a deposit box held by the institution,but does not include a cheque or payment order;
Open s 35
minimum retention period
Defined · s 35
“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 6 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 6 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 6 years after the day on which the transaction takes place.
Open s 35

Report

Read on from s 37