Singapore legislation
Section 463
Section 463
Financial penalty for non‑compliance with class licence conditions
(1)
If IPOS finds that a licensed CMO has contravened any of its class licence conditions, IPOS may, by written notice, impose —
(a)
a financial penalty not exceeding $20,000 on the CMO; and
(b)
a financial penalty not exceeding $20,000 on each officer of the CMO that IPOS considers to be responsible for the contravention.
(2)
Before imposing a financial penalty on a person under subsection (1), IPOS must give the person an opportunity to make representations in accordance with the prescribed procedure.
(3)
A financial penalty imposed under subsection (1) is recoverable as a fine.
(4)
Financial penalties collected under subsection (1) must be paid into the Consolidated Fund.