s 28K Use of disclosed risk information by prescribed financial institution
28K.—(1) A prescribed financial institution must not disclose any risk information that it receives or accesses under this Part to any other person except as expressly provided for in subsection (2) or (3). (2) A prescribed financial institution may, for a purpose specified in the first column of Part 1 of the Third Schedule, disclose —(a) any risk information that the prescribed financial institution receives under section 28D or 28E; (b) any risk information that the prescribed financial institution accesses under section 28F; or (c) any correction to any risk information mentioned in paragraph (a) or (b), to a person or class of persons specified in the second column of Part 1 of the Third Schedule. (3) A prescribed financial institution may, for a purpose specified in the first column of Part 2 of the Third Schedule, disclose —(a) any risk information that the prescribed financial institution receives under section 28D or 28E; (b) any risk information that the prescribed financial institution accesses under section 28F; or (c) any correction to any risk information mentioned in paragraph (a) or (b), to a person specified in the second column of Part 2 of the Third Schedule but subject to the restrictions and conditions specified in the third column of that Part of that Schedule. (4) A person in Singapore that is specified in the second column of Part 2 of the Third Schedule must not disclose any risk information that the person receives from a prescribed financial institution under this Part unless the person is required to do so by an order of court. (5) In this section and the Third Schedule —(a) where disclosure of risk information is authorised under the Third Schedule to be made to any person that is a body corporate, risk information may be disclosed to any officer of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that Schedule; (b) the obligation under subsection (1) —(i) applies to any officer of the prescribed financial institution who received the risk information mentioned in that subsection for the prescribed financial institution or had access to the risk information; and (ii) continues despite the officer’s subsequent cessation of appointment or employment as an officer of the prescribed financial institution; and (c) the obligation under subsection (4) —(i) applies to any officer in Singapore of a person in Singapore that is a body corporate, who received the risk information mentioned in that subsection for the body corporate or had access to the risk information; and (ii) continues despite the officer’s subsequent cessation of appointment or employment as an officer of the body corporate. (6) A person who contravenes subsection (1), subsection (1) (as applied by subsection (5)(b)), subsection (4) or subsection (4) (as applied by subsection (5)(c)) shall be guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or (b) in any other case, to a fine not exceeding $250,000. [Act 19 of 2023 wef 01/04/2024]