Clause 15
Amendment of section 53
of Monetary Authority of Singapore (Amendment) Bill
BillNot in forceProvision 15 of 48
Clause 15
Section 53 of the principal Act is amended by inserting, immediately after subsection (5), the following subsections:“(6) A specified financial institution that contravenes an order under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(7)
It is not necessary to publish any order under subsection (1) in the Gazette.”.