Singapore legislation
Section 17
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 17
Composition of offences
Amended by4/20184/2018
(1)
The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from any person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence.
Amended by4/2018
(2)
On payment of the sum of money, no further proceedings may be taken against that person in respect of the offence.
(3)
The Authority may make regulations to prescribe the offences which may be compounded.
(4)
All sums collected under this section must be paid into the Consolidated Fund.
Amended by4/2018