Clause 12

by inserting, immediately after subsection (5), the following subsections:“(6) A designated financial institution must immediately inform the Authority after the institution becomes aware that —

a person has contravened section 15A(1) or (3) or 15B(1) in relation to the institution;

a person is, in accordance with the Guidelines on Fit and Proper Criteria, not a fit and proper person to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller of the institution; or

the institution is not likely to be able to conduct its business prudently or to comply with the provisions of this Act having regard to the likely influence over the institution of a substantial shareholder, a 12% controller, a 20% controller or an indirect controller of the institution.(7) A designated financial institution which fails to comply with subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.(8) In this section, “12% controller”, “20% controller” and “indirect controller” have the meaning given to those expressions in section 15B.”; and

by inserting, immediately after the word “institutions” in the section heading, the words “, and notification of Authority of contravention, etc.”.

by deleting the words “designated financial institution” in subsections (6) and (7) and substituting in each case the words “bank incorporated in Singapore”; and

by deleting the word “institution” wherever it appears in subsection (6) and substituting in each case the word “bank”.