Secrecy Act Singapore

1 For the purposes of the trial of a person for an offence under this Act the offence shall be deemed to have been committed either at the place in which the same actually was committed or at any place in Singapore in which the offender may be found. Banks and other financial institutions must ensure they meet the compliance obligations it involves.

Hdb Officer Fined 2 000 For Breaching Official Secrets Act By Giving Confidential Info To St Journalist Courts Crime News Top Stories The Straits Times

The Official Secrets Act Cap.

Secrecy act singapore. 62B Priority of specified liabilities for merchant banks. The Corruption Drug Trafficking and Other Serious Crimes Confiscation of Benefits Act of 1999 CDSA criminalizes the laundering of proceeds from narcotics and 184 other categories of serious offenses including those committed overseas which would be considered serious offenses if they had been committed in Singapore. 1693 et seq as well as any other funds transfers that are made through an automated clearinghouse an automated teller machine or a point-of-sale system are excluded from this definition.

View Notice Notice 634 Banking Secrecy Conditions for Outsourcing 831 KB This notice applies to all banks. 1 No person who is or has been a member or an officer employee or agent of a. Governs the licensing and regulation of banks merchant banks and related institutions including their credit card and charge card business.

For example the enhanced financial penalty regime which enables the PDPC to impose financial penalties of up to 10 of an organisations annual turnover in Singapore if the organisations annual turnover in Singapore exceeds SGD 10 million approx. Section 5 of the Act prohibits the wrongful communication of information that is considered sensitive by the government. 31st March 2008 An Act to provide for the licensing and regulation of the businesses of banks merchant banks and related institutions and the credit card and charge card business of banks merchant banks and other institutions and matters related thereto.

Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act. Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act. Ed prohibits the disclosure of official documents and information.

6258500 or SGD 1 million approx. Protection of Secrecy Act Cap. The Act was first introduced to Singapore in 1935 as the Official Secrets Ordinance.

Section 47 states that customer information shall not in any way be disclosed by a bank in Singapore. Banking secrecy in Singapore is governed by section 47 of the Banking Act Chapter 19 which prohibits banks incorporated in Singapore or foreign banks with branches in Singapore from disclosing any customer information to any other person except as expressly provided by the Third Schedule of the Act. 1 The Authority shall from time to time inspect under conditions of secrecy the books of each bank in Singapore and of any branch agency or office outside Singapore opened by a bank incorporated in Singapore.

64 Execution of instruments under seal. Banking secrecy act singapore. It sets out the conditions for outsourcing operational functions when such functions involve disclosure of customer information and which will be performed outside Singapore.

Evolving Anti Money Laundering and Bank Secrecy Act Enforcement 1. This article will focus mainly on banking secrecy as governed by the Act and include a short discussion of the unsatisfactory position of banking secrecy in Singapore due to. Full Bank Locally Incorporated Full Bank Branch Wholesale Bank Branch Wholesale Bank Locally Incorporated CreditCharge Card Issuer Merchant Bank Branch Merchant Bank.

319 details provisions protecting the. If there is one secret that you should uncover for yourself then that is Singapores Official Secrets Act OSA. The main data protection legislation in Singapore is the Personal Data Protection Act 2012 No.

65 Power of Authority to secure compliance with Act. In this Act specified organisation means a statutory body or a Government company which is specified in the Schedule. In the United States and Europe began hunting down tax evaders in recent years and chipping away at Switzerlands banking secrecy.

63 Redemption of securities held by bank or merchant bank under liquidation. This Act may be cited as the Statutory Bodies and Government Companies Protection of Secrecy Act. 26 of 2012 PDPA.

Introduced in 1970 the Bank Secrecy Act requires financial institutions to work with the US government to combat financial crime. Electronic Fund Transfer Act of 1978 Title XX Pub. 625850 whichever is higher will take effect on a further date to be notified.

The Bank Secrecy Act BSA is the United States most important anti money laundering regulation. Enacted to prevent the disclosure of official documents and information the 19 sections in the OSA describe what such disclosure involves and what can happen if you commit an offence under the OSA. 65A Power of Authority to secure compliance by merchant bank.

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