Singapore legislation
Clause 11
Clause 11
Amendment of section 14
Section 14 of the Banking Act is amended by inserting, immediately after subsection (3), the following subsections:“(4) Any person which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.(5) Any person who in purported compliance with any requirement under subsection (2A), furnishes any information, knowing or reckless that the information is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction —
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
in any other case, to a fine not exceeding $250,000.”.