Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 7 · International Obligations and Prevention of Money Laundering, Terrorism Financing and Proliferation Financing and Other Offences
91. Inspection by AML/CFT authority
Feedback & supportLast amended by an amending law of 2022.
Sections 26 and 27 of the FSMA 2022 apply for the purpose of an inspection in Singapore by an AML/CFT authority of a VCC over which it exercises consolidated supervision authority, as they apply for the purpose of an inspection in Singapore by an AML/CFT authority (as defined in section 17 of the FSMA 2022) of a financial institution over which it exercises consolidated supervision authority, subject to the necessary modifications and the following further modifications:
section 26(5) of the FSMA 2022 is omitted;
the reference in section 27(3) of the FSMA 2022 to any prescribed written law or any requirement imposed under any such written law, is omitted;
a reference in sections 26 and 27 of the FSMA 2022 to a financial institution is to the VCC.
Section 28 of the FSMA 2022 applies in relation to a report produced in respect of an inspection carried out pursuant to section 26 of the FSMA 2022 as applied by subsection (1), as it applies in relation to a report produced in respect of an inspection carried out pursuant to section 26 of the FSMA 2022, subject to the necessary modifications and with each reference to a financial institution replaced with a reference to the VCC concerned.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;