Singapore legislation
Section 47
Section 47
Inspection in Singapore by parent supervisory authority
(1)
In relation to a licensed trust company that is incorporated outside Singapore, the parent supervisory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books, accounts and transactions of any branch or office of that licensed trust company in Singapore in accordance with this section if the following conditions are satisfied:
the inspection is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions;
the parent supervisory authority —
is prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person; or
has given to the Authority such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine;
the parent supervisory authority has given a written undertaking to the Authority to comply with the provisions of this Act and such conditions as the Authority may impose under subsection (2).
(2)
The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, require the parent supervisory authority to comply with conditions relating to —
the classes of information to which the parent supervisory authority is or is not to have access in the course of the inspection;
the conduct of the inspection;
the use or disclosure of any information obtained in the course of the inspection; and
any other matters that the Authority may determine.
(3)
Subject to compliance by a parent supervisory authority with such conditions as the Authority may impose under subsection (2), a licensed trust company under inspection —
must afford the parent supervisory authority access to the books, accounts and documents of the branch or office of the licensed trust company under inspection, and provide such information (including information relating to the licensed trust company’s internal control systems) and facilities as may be required to conduct the inspection; and
is not required to afford the parent supervisory authority access to its books, accounts and documents or to provide information or facilities at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the licensed trust company.
(4)
A parent supervisory authority may, with the prior written approval of the Authority, appoint another body to conduct the inspection under subsection (1), and in such event the provisions of this section apply to the appointed body as they apply to the parent supervisory authority.
(5)
For the purposes of ensuring the confidentiality of any information obtained in the course of an inspection by a parent supervisory authority under this section, section 49(1) applies, with the necessary modifications, to any official of the parent supervisory authority as if the official were an officer of a licensed trust company.
(6)
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 1970, 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.
(7)
Any licensed trust company which, without reasonable excuse, refuses or neglects to afford access to any book, account or document or provide any information or facility as may be required by this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.