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affects or jeopardises, or may affect or jeopardise, the interests of the participants
of the designated payment system; or
(e)
the auditor is unable to confirm that the claims of creditors of the operator or
settlement institution of a designated payment system are still covered by the assets
of the operator or settlement institution of a designated payment system,
the auditor must immediately report the matter to the Authority.
(9)
Where an auditor or employee of the auditor discloses in good faith to the Authority —
(a)
the auditor’s or employee’s knowledge or suspicion of any of the matters mentioned in
subsection (8); or
(b)
any information or other matter on which that knowledge or suspicion is based,
the disclosure is not a breach of any restriction upon the disclosure imposed by any law,
contract or rules of professional conduct, and the auditor or employee is not liable for any loss
arising out of the disclosure or any act or omission in consequence of the disclosure.
(10)
Any operator or settlement institution of a designated payment system that contravenes
subsection (1) shall be guilty of an offence and shall be liable on conviction 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.
(11)
Any auditor that contravenes subsection (4) or (8) shall be guilty of an offence and shall
be liable on conviction 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.
(12)
In this section, “consolidated financial statements” and “financial statements” have the
same meanings as in section 209A of the Companies Act.
Powers of auditor appointed by Authority
71.—(1) An auditor appointed by the Authority under section 70(2) may, for the purpose of
carrying out an examination or audit —
(a)
examine, on oath or affirmation, any officer or employee of the operator or
settlement institution of a designated payment system, or any other auditor of the
operator or settlement institution of a designated payment system;
(b)
require any officer or employee of the operator or settlement institution of a
designated payment system, or any other auditor of the operator or settlement
institution of a designated payment system, to produce any books held by or on
behalf of the operator or settlement institution of a designated payment system
relating to its business;
(c)
make copies of or take extracts from, or retain possession of, any books mentioned
in paragraph (b) for such period as may be necessary to enable them to be inspected;
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(d)
employ such persons as the auditor considers necessary to assist the auditor in
carrying out the examination or audit; and
(e)
authorise in writing any person employed by the auditor to do, in relation to the
examination or audit, any act or thing that the auditor could do as an auditor under
this subsection, other than the examination of a person on oath or affirmation.
(2)
Any individual who, without reasonable excuse —
(a)
refuses or fails to answer any question put to him or her; or
(b)
fails to comply with any request made to him or her,
by an auditor appointed under section 70(2) or a person authorised under subsection (1)(e) shall
be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 or to
imprisonment for a term not exceeding 12 months or to both.
Restriction on auditor’s and employee’s right to communicate certain matters
72.—(1) Except as may be necessary for the carrying into effect of the provisions of this
Act or so far as may be required for the purposes of any legal proceedings, whether civil or
criminal —
(a)
an auditor appointed under section 70(1) or (2); or
(b)
any employee of such auditor,
must not disclose any information that comes to the auditor’s or employee’s knowledge in the
course of performing the auditor’s or employee’s duties, to any person other than the Authority,
or in the case of an employee of such auditor, the auditor.
(2)
Any person that contravenes this section shall be guilty of an offence and shall be liable
on conviction —
(a)
in the case of the auditor, to a fine not exceeding $25,000; or
(b)
in the case of the employee, to a fine not exceeding $12,500.
Offence to destroy, conceal, alter, etc. records
73.—(1) Any individual who, with intent to prevent, delay or obstruct the carrying out of
any examination or audit under section 70 or 71 —
(a)
destroys, conceals or alters any book relating to the business of an operator or a
settlement institution of a designated payment system; or
(b)
sends, or conspires with any other person to send, out of Singapore, any book or
asset of any description belonging to, in the possession of or under the control of
the operator or settlement institution of a designated payment system,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000
or to imprisonment for a term not exceeding 2 years or to both.
(2)
If, in any proceedings for an offence under subsection (1), it is proved that the individual
charged with the offence —
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