Is there bank secrecy in Singapore?
Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act.
Section 47 states that customer information shall not in any way be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in the Banking Act.Sep 5, 2019.
What is meant by banking secrecy?
Banking secrecy, alternatively known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private..
What is Section 47 of the banking Act Chapter 19 of Singapore?
Section 47 of the Act provides that customer information shall not, in any way, be disclosed by a bank (holding a valid banking licence in Singapore or the branches and offices located within Singapore of such a bank incorporated outside Singapore) or its officers to any other person except as expressly provided in the .
What is Section 47 of the banking Act Singapore?
Section 47 of the Act provides that customer information shall not, in any way, be disclosed by a bank (holding a valid banking licence in Singapore or the branches and offices located within Singapore of such a bank incorporated outside Singapore) or its officers to any other person except as expressly provided in the .
What is Section 47 of the banking Regulation Act 1949?
—No court shall take a cognizance of any offence punishable under 1[sub-section (5) of section 36AA or] section 46 except upon complaint in writing made by an officer of 2[the Reserve Bank or, as the case may be, the National Bank] generally or specially authorised in writing in this behalf by 2[the Reserve Bank, or as .
What is Section 47A of the banking Act Singapore?
Under the new section 47A of the BA, a bank in Singapore and an MB in Singapore must comply with certain requirements before obtaining any relevant service from its branch or office that is located outside Singapore, or from a person..
What is the Article 47 of the Swiss banking Act?
Article 47 makes it a federal crime to disclose the information or activity of clients banking domestically to foreign entities, third parties, or even Swiss authorities without either a) consent or b) an accepted criminal complaint..
What is the bank's duty of confidentiality?
The bank's duty of confidentiality covers all customers' information about themselves and their accounts obtained by the bank, irrespective of the information source and for as long as the banker-customer relationship exists..
What is the duty of confidentiality for banks?
The duty of confidentiality continues in death, unlike the majority of data protection legislation which expires on the death of the data subject.
Banks should only be disclosing information to executors and those dealing with the estate of the deceased, not their wider contacts..
- BANKING SECRECY OUTSOURCING CONDITIONS
In all outsourcing arrangements involving the disclosure of customer information to the service provider, banks shall ensure that the confidentiality of customer information is protected. - Banking secrecy, alternatively known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private.
- The bank's duty of confidentiality covers all customers' information about themselves and their accounts obtained by the bank, irrespective of the information source and for as long as the banker-customer relationship exists.
