Code Of Conduct

Compliance Committees

10.1 The Bureau shall from time to time establish one or more Compliance Committees to oversee the application of this Code and the operational integrity of the Bureau in accordance with the provisions of this Clause 10 and Appendix 1.

10.2 Compliance Committees shall operate pursuant to the provisions of this Clause 10 and Appendix 1. Without prejudice to the generality of the foregoing, Compliance Committees are authorised:

10.2.1 (on their own initiative or upon inspection of the Bureau’s operations log or upon receipt of a Disputed Information Notice or a Complaint or information thereon) to investigate any alleged or possible breach of this Code;

10.2.2 (whether or not any Disputed Information Notice or Complaint has been withdrawn) to recommend an appropriate remedy upon finding that there has been a breach of this Code and/or grounds to rectify Information and such remedy may include:

10.2.2.1 rectification of Information and issuance of the requisite Rectification Notice as would have been issued pursuant to Clause 8;

10.2.2.2 if the Bureau is found to be in breach of this Code, such remedial action as the Compliance Committee thinks fit in the operations of the Bureau including proposing amendments to the Code; and

10.2.2.3 if a Member is found to be in breach of this Code, such remedial action as the Compliance Committee thinks fit in the operations of the Member and/or the imposition of the fees mentioned in Rule 21 of Appendix 1 and/or suspension or termination of the Services to the Member,

10.3 In respect of recommendations made by a Compliance Committee:

10.3.1 any recommendation to rectify Information shall be implemented by the Bureau within two (2) Business Days of the Compliance Committee’s report being received by the Bureau unless the Board of Directors of the Bureau (or an officer of the Bureau authorised by the Board of Directors) earlier decides otherwise;

10.3.2 any recommendation to apply the remedy specified in Rule 24 of Appendix 1 (if applicable) and/or the refund and special payment specified in Rule 25 of Appendix 1 (if applicable) shall be implemented by the Bureau within five (5) Business Days of the Compliance Committee’s report being received by the Bureau unless the Board of Directors of the Bureau (or an officer of the Bureau authorised by the Board of Directors) earlier decides otherwise;

10.3.3 any other recommendation shall not be implemented without the prior approval of the Board of Directors of the Bureau (or an officer of the Bureau authorised by the Board of Directors) provided that:

10.3.3.1 the Board of Directors (or such authorised officer) shall make a determination on whether to approve the recommendations of the Compliance Committee, with or without such modification as the Board of Directors (or such authorised officer) thinks fit, within ten (10) Business Days of the Compliance Committee’s report being received by the Bureau; and

10.3.3.2 the Bureau shall implement as soon as practicable any recommendation so approved by the Board of Directors (or such authorised officer) with such modification (if any) as the Board of Directors (or such authorised officer) thinks fit.

10.4 The Bureau shall forthwith inform the relevant Complainant (if any) and any Member concerned if any of the recommendations of a Compliance Committee are not implemented or if they are implemented with modifications.

10.5 Compliance Committees shall seek to resolve all disputes and Complaints amicably and may encourage the parties involved including the Complainant (if any), the Bureau and Members to mediate a settlement by reference to such alternative dispute resolution process as may from time to time be adopted by The Association of Banks in Singapore.

10.6 The Bureau and every Member submits to the authority of Compliance Committees constituted in accordance with the provisions of this Clause 10 and Appendix 1 and (subject to Clause 10.3) agrees to abide by and implement the recommendations of Compliance Committees.