Singapore legislation
Regulation 7B
Regulation 7B
Record keeping
Subregulation 1
A moneylender must prepare, maintain and retain records on all relevant loans granted by the moneylender and all applications received by the moneylender for relevant loans, in such a way as to —
enable any single transaction of the moneylender to be reconstructed (including the amount of principal and interest and the type of currency) so as to provide, if necessary, evidence for prosecution of any criminal activity; (b)enable the Registrar and any relevant law enforcement authority, as well as both the internal and external auditors of the moneylender, to review the business relations of the moneylender, the moneylender’s transactions, and information obtained from performing CDD measures, and to assess the level of the moneylender’s compliance with these Rules; and
enable the moneylender to comply with any duty under any written law to provide a record on a relevant loan, or any information in the record, to the Registrar or any relevant law enforcement authority by the time prescribed by or imposed pursuant to the written law or, if no time is so prescribed or imposed, within a reasonable time.
Subregulation 2
Subject to paragraph (4) and any other requirements prescribed by or imposed pursuant to any written law, a moneylender must, for the purposes of paragraph (1) —
retain, until a date that is at least 5 years after the end date in relation to a borrower —
any information obtained from performing CDD measures on the borrower or any agent, connected party or beneficial owner of the borrower, including the moneylender’s assessment of the information and the results of any screening under rule 6A; and (ii)any information or document relating to the borrower or any agent, connected party or beneficial owner of the borrower; and
retain any information or document relating to a single transaction, including any information needed to explain and reconstruct the transaction, until a date that is at least 5 years after the date on which the relevant loan concerned is fully repaid or on which the contract for the relevant loan is otherwise terminated.
Subregulation 3
A moneylender may retain documents and information as originals or copies, in paper or electronic form or on microfilm, except that the moneylender must ensure that the form in which any document or information is retained is admissible as evidence in a court.
Subregulation 4
Without affecting any duty imposed by or pursuant to any other written law, a moneylender must, if requested or required by a relevant law enforcement authority in Singapore, retain all records of documents and information on a relevant loan —
which pertain to a matter under investigation by the authority; or (b)which is the subject of a disclosure made under section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 or Part 3 of the Terrorism (Suppression of Financing) Act 2002.
Subregulation 5
A moneylender who contravenes paragraph (2)(a) or (b) or (4) shall be guilty of an offence.
Subregulation 6
For the purposes of paragraph (2)(a) —
Definition
“end date”, in relation to a borrower, means —
where, as at 1 May 2024, the borrower has a subsisting relevant loan granted by the moneylender — the first date after 1 May 2024 on which the borrower no longer has any subsisting relevant loan granted by the moneylender; or
where, after 1 May 2024, the moneylender grants a relevant loan to the borrower on a date (called in this paragraph the grant date) on which the borrower has no subsisting relevant loan granted by the moneylender — the first date after the grant date on which the borrower no longer has any subsisting relevant loan granted by the moneylender;
Definition
“subsisting relevant loan” means a relevant loan that has not been fully repaid or the contract for which has not been otherwise terminated.
Subregulation 7
For the purposes of paragraphs (2) and (6), where a moneylender suspects that 2 or more loans are or may be related, linked or the result of a deliberate restructuring of an otherwise single relevant loan into smaller transactions in order to evade the thresholds provided for in these Rules, the moneylender must aggregate them and treat them as a single relevant loan.