Banking Act 1970 · 2020 Revised Edition · Part 7 · Powers of Control Over Banks, Etc.
53A. Appointment of chief executive officer and other persons
Feedback & supportLast amended by an amending law of 2016.
A bank incorporated in Singapore must obtain the prior approval of the Authority for the appointment of any of the following:
bank
“bank” means any company which holds a valid bank licence under section 7 or 79;
all directors;
the chairperson of the board of directors;
the chief executive officer and the deputy chief executive officer;
a person holding such appointment in the bank as may be prescribed.
A bank incorporated outside Singapore must obtain the prior approval of the Authority for the appointment of the following persons for its bank in Singapore:
bank incorporated outside Singapore
“bank incorporated outside Singapore” means a bank incorporated, formed or established outside Singapore;
the chief executive officer and the deputy chief executive officer;
a person holding such appointment in the bank as may be prescribed.
Without affecting any other matter that the Authority may consider relevant, the Authority, in determining whether to grant its approval under subsection (1) or (2), must have regard to whether the person is a fit and proper person to hold the office or appointment in accordance with the Guidelines on Fit and Proper Criteria.
The Authority may —
grant its approval under subsection (1) or (2), with or without conditions; and
at any time vary or revoke any existing condition or impose conditions or additional conditions.
Without limiting section 78, the Authority may prescribe —
the duties of a person appointed under subsection (1) or (2); and
the maximum term for which a person appointed under subsection (1) or (2) may hold such office or appointment.
A bank incorporated in Singapore must immediately inform the Authority after the bank becomes aware that a person who holds an office or appointment mentioned in subsection (1) is, in accordance with the Guidelines on Fit and Proper Criteria, no longer a fit and proper person to hold that office or appointment.
A bank incorporated outside Singapore must immediately inform the Authority after the bank becomes aware that a person who holds an office or appointment mentioned in subsection (2) is, in accordance with the Guidelines on Fit and Proper Criteria, no longer a fit and proper person to hold that office or appointment.
Guidelines on Fit and Proper Criteria
“Guidelines on Fit and Proper Criteria” means the document by that title issued by the Authority and published on its website, as revised from time to time;
Any bank which contravenes subsection (1) or (2), or fails to comply with any condition imposed by the Authority under subsection (4) 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 not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
Any bank which contravenes subsection (6) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.