Singapore legislation
Clause 50
of Banking Bill
Clause 50
Banks may with the approval of the Minister open numbered accounts
(1)
For the purposes of this Part, the expression “numbered accounts” means accounts opened with banks in Singapore that are identifiable only by a number or code word or by such other means as the Minister may determine.
(2)
No bank in Singapore shall open numbered accounts for its customers except with the prior approval in writing of the Minister who may attach such limitations, conditions, qualifications and exceptions thereto as he thinks fit.
(3)
Any bank which contravenes the provisions of subsection (2) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding ten thousand dollars.