§ 74 — Confidentiality of inspection reports

74.—(1) Subject to subsection (2), where the Authority has —(a)

produced a written report upon an inspection under section 72 of the books of a person (being a licensee, an exempt payment service provider, an operator, a settlement institution or a participant of a designated payment system, or a person exempt under section 100); and[Act 12 of 2024 wef 24/01/2025]

(b)

provided the report to the person whose books were inspected (called in this section the subject),[Act 12 of 2024 wef 24/01/2025]

the report must not be disclosed to any person by the subject, or any of the subject’s officers or auditors.

(2) The report mentioned in subsection (1) may be disclosed —(a)

by the subject to the subject’s officer or auditor solely in connection with the performance of the duties of the officer or auditor in the subject;

(b)

by any officer or auditor of the subject to any other officer or auditor of the subject, solely in connection with the performance of their duties in the subject; or

(c)

to such other person as 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 subject, any of the subject’s officers or auditors, or the person to whom disclosure is approved, and the subject, officer or 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 officer’s or auditor’s employment with or appointment by the subject.

(5) A 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) A 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) A 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.[Act 12 of 2024 wef 24/01/2025]

—(1) Subject to subsection (2), where the Authority has —(a)

produced a written report upon an inspection under section 72 of the books of a person (being a licensee, an exempt payment service provider, an operator, a settlement institution or a participant of a designated payment system, or a person exempt under section 100); and[Act 12 of 2024 wef 24/01/2025]

(b)

provided the report to the person whose books were inspected (called in this section the subject),[Act 12 of 2024 wef 24/01/2025]

the report must not be disclosed to any person by the subject, or any of the subject’s officers or auditors.

(2) The report mentioned in subsection (1) may be disclosed —(a)

by the subject to the subject’s officer or auditor solely in connection with the performance of the duties of the officer or auditor in the subject;

(b)

by any officer or auditor of the subject to any other officer or auditor of the subject, solely in connection with the performance of their duties in the subject; or

(c)

to such other person as 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 subject, any of the subject’s officers or auditors, or the person to whom disclosure is approved, and the subject, officer or 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 officer’s or auditor’s employment with or appointment by the subject.

(5) A 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) A 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) A 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.[Act 12 of 2024 wef 24/01/2025]