Clause 35

by inserting, immediately after the words “a bank in Singapore” in subsection (1), the words “or merchant bank in Singapore”;

by inserting, immediately after the words “the bank” in subsection (1), the words “or merchant bank (as the case may be)”;

by inserting, immediately after the words “banks in Singapore” in subsections (1) and (3)(a), the words “or merchant banks in Singapore (as the case may be)”;

by deleting subsection (5) and substituting the following subsection:“(5) Despite subsection (1), no director or executive officer shall be guilty of an offence under that subsection where the non‑compliance by the bank or merchant bank with any provision of this Act or any other written law applicable to banks or merchant banks (as the case may be) results only in the imposition of a financial penalty on the bank or merchant bank, as the case may be.”; and

by deleting the words “director and executive officers of bank” in the section heading and substituting the words “directors or executive officers”.