Inspection by Authority
Open ↗72.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons:(a)
a licensee;
(b)
an exempt payment service provider;
(c)
an operator of a designated payment system;
(d)
a settlement institution of a designated payment system;
(e)
a participant of a designated payment system;
(f)
a person exempt under section 100.
(2) For the purposes of an inspection under this section —(a)
a person mentioned in subsection (1) in possession of the person’s books must produce those books to the Authority and give such information or facilities as the Authority may require;
(b)
a person mentioned in subsection (1) must procure any other person that is in possession of the firstmentioned person’s books to produce those 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) A person that, without reasonable excuse, fails 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.
Confidentiality of inspection reports
Open ↗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]
Self‑incrimination
Open ↗75.—(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 94(4).
Saving for advocates and solicitors
Open ↗76.—(1) Nothing in this Part —(a)
compels an advocate and solicitor to disclose or produce any privileged communication, or a document or other material containing any privileged communication, made by or to the advocate and solicitor in that capacity; or
(b)
authorises the taking of any such document or other material that is in the possession of the advocate and solicitor.
(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 known to the advocate and solicitor) of the person to whom, or by or on behalf of whom, that privileged communication was made.
(3) An advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.
