Singapore legislation
Clause 62
of Banking Bill
Clause 62
Power to compound
The Commissioner may, without instituting proceedings against any person for any offence under this Act, or any regulations made thereunder, which is punishable only by a fine or a default penalty, demand and receive the amount of such fine or default penalty or such reduced amount as he thinks fit from such person, whereupon —
(a)
if such person pays such amount to the Commissioner within fourteen days after the demand, no proceedings shall be taken against him in relation to the offence; or
(b)
if such person does not so pay the amount so demanded, the Commissioner may cause proceedings to be instituted in relation to the offence.