Clause 5

No person or body of persons, whether incorporated or not, other than a bank shall, without the written consent of the Commissioner, use the word “bank” or any of its derivatives in any language, or any other word indicating it transacts banking business, in the name, description or title under which such person or body of persons is transacting business in Singapore or make or continue to make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner whatsoever:Provided that nothing in this section shall prohibit an association of banks formed for the protection of common interests from using the word “bank” or any of its derivatives in any language as a part of its name or description of its activities.

Any person or body of persons whether incorporated or not who contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding one year or to a fine not exceeding one thousand dollars or to both such imprisonment and fine and in the case of a continuing offence to a further fine of two hundred and fifty dollars for every day during which the offence continues after conviction.