Singapore legislation
Section 7
Section 7
Application for bank licence or variation of condition as to banking business
(1)
Subject to section 55S, a company which desires authority to carry on banking business in Singapore must apply in writing to the Authority for a bank licence under this section and must supply —
a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;
a copy of the latest balance sheet of the company; and
such other information as may be called for by the Authority.
(2)
[Deleted by Act 5 of 2016]
(3)
Upon receiving an application under subsection (1), the Authority must consider the application and may, subject to section 9 or 9A (as the case may be) grant a bank licence, with or without conditions, or refuse to grant a bank licence.
(4)
The Authority may at any time vary or revoke any existing conditions of a bank licence or impose conditions or additional conditions thereto.
(4A)
Without limiting subsections (3) and (4), the conditions that may be imposed include —
a condition as to the type of banking business that may be carried out; and
a condition placing limits on the banking business that may be carried out.
(5)
The Authority must, prior to any action under subsection (4) —
notify its intention to take that action to the bank concerned; and
give the bank an opportunity to submit reasons why the conditions of its bank licence should not be so varied or revoked.
(6)
[Deleted by Act 1 of 2020]
(7)
Any bank which fails to comply with any of the conditions of its bank licence 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 of $10,000 for every day during which the offence continues after conviction.
(8)
A bank which desires to vary a condition mentioned in subsection (4A) in its bank licence must apply to the Authority in writing, and the application must be accompanied by such information as the Authority may require.
(9)
An application under subsection (1) or (8) must be accompanied by a non-refundable application fee of such amount as the Authority may, by notification in the Gazette, prescribe, which must be paid in the manner specified by the Authority.
(10)
Any person who provides any document or information in connection with an application under subsection (1) or (8), knowing or reckless that the document or information is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
in any other case, to a fine not exceeding $250,000.