Banking Act 1970 · 2020 Revised Edition · Part 3 · Licensing of Banks
4. Licensing of banks
Feedback & supportLast amended by an amending law of 2020.
Subject to section 55S, a banking business must not be transacted in Singapore except by a company which is in possession of a valid bank licence granted under this Act by the Authority authorising it to conduct banking business in Singapore.
banking business
“banking business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act;
Any person who contravenes subsection (1) 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 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.