Singapore legislation
Clause 59
of Banking Bill
Clause 59
Offences by directors or managers
(1)
Any person being a director, managing director or manager of a bank who —
fails to take all reasonable steps to secure compliance by a bank with the provisions of this Act or any other written law applicable to banks in Singapore; or
fails to take all reasonable steps to secure the accuracy and correctness of any statement submitted under this Act or of any other written law applicable to banks in Singapore,shall be guilty of an offence under this Act and shall, in respect of each offence, be liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding three thousand dollars or to both such imprisonment and fine.
(2)
In any proceedings against a person under subsection (1) of this section it shall be a defence to prove that he has reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of those laws or with the duty of ensuring that those statements were accurate and that that person was competent and in a position to discharge that duty.
(3)
A person shall not be sentenced to imprisonment for any offence under subsection (1) of this section unless, in the opinion of the court, he committed the offence wilfully.