Inspection by Authority
48.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of a licensed credit bureau.
(2) For the purposes of an inspection under this section —(a)
a licensed credit bureau in possession of its books must produce the books to the Authority and give such information or facilities as the Authority may require;
(b)
a licensed credit bureau must procure any person that is in possession of its books to produce the books to the Authority and give such information or facilities as the Authority may require; and
(c)
the Authority may —(i)
make copies of, or take possession of, any such books;
(ii)
use, or permit the use of, any such books for the purposes of any proceedings under this Act; and
(iii)
subject to subsection (4), retain possession of any such books for so long as is necessary —(A)
for the purposes of exercising a power conferred by this section;
(B)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(C)
for such proceedings to be commenced and carried on.
(3) A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4) While the books are in the possession of the Authority, the Authority —(a)
must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and
(b)
may permit another person to inspect any of the books.
(5) The Authority may require a person that produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6) Any person that fails, without reasonable excuse, to comply with subsection (2)(a) or (b) or a requirement of the Authority under subsection (5) shall be guilty of an offence and shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
Investigation by Authority
49.—(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:(a)
to determine whether —(i)
a licensed credit bureau is carrying on its business in a manner likely to be detrimental to the interests of its approved members or customers of its approved members;
(ii)
a licensed credit bureau is conducting its credit reporting business in a proper manner; or
(iii)
an approved member of a licensed credit bureau is conducting its activities as an approved member in a proper manner;
(b)
to investigate an alleged or suspected offence or contravention of any provision of this Act;
(c)
to ensure compliance with this Act or any written notice issued by the Authority under this Act.
(2) For the purposes of subsection (1), the Authority may —(a)
by written notice, require any person to provide information or to produce books relating to any matter under investigation, and the person must immediately comply with that requirement;
(b)
make copies of, or take possession of, any such books;
(c)
use, or permit the use of, any such books for the purposes of any proceedings under this Act; and
(d)
subject to subsection (4), retain possession of any such books for so long as is necessary —(i)
for the purposes of exercising a power conferred by this section;
(ii)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(iii)
for such proceedings to be commenced and carried on.
(3) A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4) While the books are in the possession of the Authority, the Authority —(a)
must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and
(b)
may permit another person to inspect any of the books.
(5) The Authority may require a person that produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6) The Authority may exercise any of its powers for the purposes of conducting an investigation under this section despite the provisions of any prescribed written law (or any requirement imposed under the prescribed written law) or any rule of law.
(7) A requirement imposed by the Authority in the exercise of its powers under this section has effect despite any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law (or any requirement imposed under the prescribed written law), rule of law, contract or rule of professional conduct.
(8) Any person that complies with a requirement imposed by the Authority in the exercise of its powers under this section is not to be treated as being in breach of any restriction on the disclosure of the information imposed by any prescribed written law (or any requirement imposed under the prescribed written law), rule of law, contract or rule of professional conduct.
(9) No civil or criminal action lies against any person for —(a)
providing information or producing books to the Authority if the person provided the information or produced the books in good faith in compliance with a requirement imposed by the Authority under this section; or
(b)
doing or omitting to do any act, if the person did or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this section.
(10) Any person that fails, without reasonable excuse, to comply with subsection (2)(a) or a requirement of the Authority under subsection (5) shall be guilty of an offence and shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
(11) In this section, “prescribed written law” means this Act, or any of the following written laws and any subsidiary legislation made under this Act or those written laws:(a)
Banking Act 1970;
(b)
Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(c)
Finance Companies Act 1967;
(d)
Financial Advisers Act 2001;
(da)
Financial Services and Markets Act 2022;[Act 18 of 2022 wef 28/04/2023]
(e)
Insurance Act 1966;
(f)
Monetary Authority of Singapore Act 1970;
(g)
Payment Services Act 2019;
(h)
Securities and Futures Act 2001;
(i)
Trust Companies Act 2005;
(j)
any other written law that the Authority may prescribe.[2/2019]
Confidentiality of inspection and investigation reports
50.—(1) Subject to subsection (2), where the Authority has —(a)
produced a written report —(i)
upon an inspection under section 48 in respect of a licensed credit bureau; or
(ii)
in respect of any investigation under section 49; and
(b)
provided the report to the licensed credit bureau or the person under investigation (called in this section the bureau or person, as the case may be),
the bureau or person, or any of the bureau’s or person’s officers or auditors, must not disclose the report to any other person.
(2) The report mentioned in subsection (1) may be disclosed —(a)
by the bureau or person to the bureau’s or person’s officer or auditor solely in connection with the performance of the duties of the officer or auditor in the bureau or person;
(b)
by any officer or auditor of the bureau or person to any other officer or auditor of the bureau or person, solely in connection with the performance of their duties in the bureau or person; or
(c)
to any other person that the Authority may approve in writing.
(3) In granting written approval for any disclosure under subsection (2)(c), the Authority may impose such conditions or restrictions as the Authority thinks fit on the bureau or person, any of the bureau’s or person’s officers or auditors, or the person to whom disclosure is approved, and the bureau or person, officer, auditor or the person to whom disclosure is approved must comply with the condition or restriction.
(4) The obligations of an officer or auditor mentioned in subsections (1) and (3) continue after the termination or cessation of the person’s employment with or appointment by the bureau or person.
(5) Any person that contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or
(b)
in any other case, to a fine not exceeding $100,000.
(6) Any person to whom the report is disclosed and that knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of subsection (1) shall be guilty of an offence unless the person proves that —(a)
the disclosure was made contrary to the person’s desire;
(b)
where the disclosure was made in any written form, the person has, as soon as practicable after receiving the report, surrendered or taken all reasonable steps to surrender the report and all copies of the report to the Authority; and
(c)
where the disclosure was made in an electronic form, the person has, as soon as practicable after receiving the report, taken all reasonable steps to ensure that all electronic copies of the report have been deleted and that the report and all copies of the report in other forms have been surrendered to the Authority.
(7) Any person convicted of an offence under subsection (6) shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or
(b)
in any other case, to a fine not exceeding $100,000.
Self‑incrimination
51.—(1) A person is not excused from disclosing information to the Authority pursuant to a requirement made of the person under this Part on the grounds that the disclosure of the information might tend to incriminate the person.
(2) Where a person claims, before making a statement disclosing information that the person is required to disclose by such requirement, that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings for an offence under section 64(1) or (2).
Saving for advocates and solicitors
52.—(1) Nothing in this Part —(a)
compels an advocate and solicitor to disclose or produce privileged communication, or a document or other material containing privileged communication, made by or to him or her in that capacity; or
(b)
authorises the taking of any such document or other material that is in his or her possession.
(2) An advocate and solicitor who refuses to disclose the information or produce the document or other material mentioned in subsection (1) must nevertheless give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.
(3) Any advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
