Singapore legislation

Clause 51

Amendment of section 66

Section 66 of the Banking Act is amended by deleting subsection (2) and substituting the following subsection:“(2) Any person who —

(a)

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

(b)

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 —

(i)

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

(ii)

in any other case, to a fine not exceeding $250,000.”.

Read in full context — Banking (Amendment) Bill →