s 42 Interpretation of this Division
42.—(1) In this Division —“financial transaction document”, in relation to a financial institution, means any document that relates to a financial transaction carried out by the institution in its capacity as a financial institution, and includes but is not limited to a document that relates to —(a) the opening or closing by a person of an account with the institution; (b) the operation by a person of an account with the institution; (c) the opening or use by a person of a deposit box held by the institution; (d) the telegraphic or electronic transfer of funds by the institution on behalf of a person to another person; (e) the transmission of funds between Singapore and a foreign country or between foreign countries on behalf of a person; (f) an application by a person for a loan from the institution (where a loan is made to the person pursuant to the application); or (g) records of customer identification, or if the institution is a VCC, records of identification of its members; “minimum retention period”, in relation to a financial transaction document of a financial institution, means —(a) if the document relates to the opening of an account with the institution, the period of 5 years after the day on which the account is closed; (b) if the document relates to the opening by a person of a deposit box held by the institution, the period of 5 years after the day on which the deposit box ceases to be used by the person; or (c) in any other case, the period of 5 years after the day on which the transaction takes place.[2/2007; 44/2018] (2) In sections 43 and 44, a reference to a copy includes a copy retained in the form of microfilm, microfiche, electronic records in accordance with section 9(1) of the Electronic Transactions Act 2010 or such other form as the Monetary Authority of Singapore may approve.[36