Banking Secrecy Act Singapore

The Monetary Authority of Singapore MAS as the integrated regulator and supervisor of the financial services sector supervises and regulates banks and their operations. Introduced in 1970 the Bank Secrecy Act requires financial institutions to work with the US government to combat financial crime.


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It sets out the conditions for outsourcing operational functions when such functions involve disclosure of customer information and which will be performed outside Singapore.

Banking secrecy act singapore. E l Banking secrecy It is a legal requirement in some jurisdictions that prohibits banks from providing authorities with both personal and account information for their customers except under certain exceptional conditions. Section 47 of the Act provides that customer information shall not in any way be disclosed by a bank holding a valid banking licence in Singapore or the branches and offices located within. A bank in Singapore has a contractual duty of confidentiality as implied from the banker and customer relationship while a statutory duty of confidentiality is imposed by section 47 of the Banking Act.

Dirty Money Will Singapore Clean Up Its Act. Banks and other financial institutions must ensure they meet the compliance obligations it involves. Banking secrecy in Singapore.

The Parliament of Singapore passed the Terrorism Suppression of Financing Act in 2002 criminalizing the financing of terrorism and placing an obligation on bank employees to report any activity related to this crime to the police immediately. This article will focus mainly on banking secrecy as governed by the Act and include a short. A recipients financial institution accepts a transmittal order by paying the recipient by.

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. Singapore-licensed banks come within the ambit of the Banking Act and the Monetary Authority of Singapore Act MAS Act. 19 Governs the licensing and regulation of banks merchant banks and related institutions including their.

Banking secrecy alternately known as financial privacy banking discretion or bank safety is a conditional agreement between a bank and its clients that all foregoing activities remain secure confidential and private. 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. In the United States and Europe began hunting down tax evaders in recent years and chipping away at Switzerlands banking secrecy.

2212 The common law and principles and rules of equity are derived from case law. 1 Customer information shall not in any way be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act. BANK SECRECY ACT DEFINITIONS Definitions BSA 31CFR103 Accept A receiving financial institution other than the recipients financial institution accepts a transmittal order by executing the transmittal order.

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. In some cases additional privacy is provided to cardholders through the use of numbered bank accounts or in other ways. The Bank Secrecy Act BSA is the United States most important anti money laundering regulation.

Most often associated with banking in Switzerland banking secrecy is prevalent in Luxembourg Monaco Hong Kong Singapore Ireland and Lebanon among other off-shore. What is the legal framework for banking regulation. Section 47 states that customer information shall not in any way be disclosed by a bank in Singapore.

The Notices Circulars and other. 232001 2 A bank in Singapore or any of its officers may for such purpose as may be specified in the first column of the Third Schedule disclose customer information to. View Notice Notice 634 Banking Secrecy Conditions for Outsourcing 831 KB This notice applies to all banks.

The Banking Act Chapter 19 BA together with its subsidiary legislation including the Banking Regulations BR and the Banking Corporate Governance Regulations CG Regulations is the primary legislation governing the licensing and regulation of the businesses of banks in Singapore. Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act. SECTION 1 INTRODUCTION TO BANKING LAW IN SINGAPORE 2211 In Singapore the laws regulating banking are found in the relevant Acts passed by Parliament and their related subsidiary legislation the common law and principles and rules of equity.


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