Singapore legislation

Section 57B

of Banking Act 1970

Section 57B

Requirements for grant of licence

(1)

The Authority may grant a licence subject to such conditions or restrictions as it thinks fit, or refuse to grant a licence.

(2)

The Authority may at any time add to, vary or revoke any condition or restriction of a licence.

(3)

Any licensee who contravenes any condition or restriction imposed by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

Section 57B — Banking Act 1970 | laws.sg