Banking Act 1970 · 2020 Revised Edition · Part 9 · Miscellaneous
66. Offences by directors or executive officers and false or misleading information
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
Subject to subsection (5), any director or executive officer of a bank in Singapore or merchant bank in Singapore who fails to take all reasonable steps to secure compliance by the bank or merchant bank (as the case may be) with any provision of this Act or any other written law applicable to banks in Singapore or merchant banks in Singapore (as the case may be) shall, if such failure is not already an offence under any other provision of this Act, be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
director
“director” includes any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act and an alternate or substitute director;
Any person who —
provides any information or document to the Minister or the Authority under or for the purposes of any provision of this Act which is false or misleading in a material particular; and
does not use reasonable care to ensure that the information or document is not false or misleading in any material particular,shall, if the provision of such information or document which is false or misleading in a material particular is not already an offence under any other provision of this Act, 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.
In any proceedings against a person under subsection (1) or (2), it is a defence for the person to prove that —
the person had reasonable grounds for believing that a competent and reliable person was charged with the duty of securing compliance with the provision of this Act or any other written law applicable to banks in Singapore or merchant banks in Singapore (as the case may be), or with the duty of ensuring that the information or document is not false or misleading in any material particular, as the case may be; and
the person was in a position to discharge that duty.
A person shall not be sentenced to imprisonment for any offence under subsection (1) or (2) unless, in the opinion of the court, the person committed the offence wilfully.
Despite subsection (1), no director or executive officer shall be guilty of an offence under that subsection where the non‑compliance by the bank or merchant bank with any provision of this Act or any other written law applicable to banks or merchant banks (as the case may be) results only in the imposition of a financial penalty on the bank or merchant bank, as the case may be.
executive officer
“executive officer”, in relation to a company, means any person, by whatever name described, who —(a)is in the direct employment of, or acting for or by arrangement with, the company; and(b)is concerned with or takes part in the management of the company on a day‑to‑day basis;