In forceAmended2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Banking Act 1970 · 2020 Revised Edition · Part 9 · Miscellaneous
74A. Power to refund, reduce, etc., financial penalty
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Last amended by an amending law of 2020.
The Authority may, of its own motion, review any financial penalty imposed on a bank under section 38(7) or 39(7) or on a merchant bank under section 38(7) as applied by section 55ZG(1), and decide —
(a)
not to impose the financial penalty;
(b)
to reduce the financial penalty payable; or
(c)
where any financial penalty has been paid, to refund the whole or part of the amount paid.