s.10Inspector
10
Section 10Part 0 —

Inspector

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

The Monetary Authority may authorize a person to be an inspector for the purposes of —
ensuring compliance by an account provider with this Law;
ascertaining whether an account provider has established systems, procedures and practices that are adequate to secure an effective check on the identification, notification, transfer, recording and repayment of monies in dormant accounts; and
determining whether the systems, procedures and practices referred to in paragraph (b) have been employed and applied in an adequate manner in relation to monies in dormant accounts by an account provider.
An authorization under subsection (1) shall be in writing and shall be subject to any terms and conditions, including terms and conditions relating to remuneration, fees and allowances for expenses, that may be determined by the Monetary Authority, and that are specified in the authorization.
The authorization of an inspector under this section ceases when the Monetary Authority revokes the authorization in writing or where the authorization expires.
Subject to section 13, the Monetary Authority may give directions in relation to the form, manner and content of the report to be prepared by an inspector under section 12(1).

Cross References