66. Removal of executive officer or director of operator or settlement institution

where the Authority is satisfied that an individual appointed as an executive officer of an operator or a settlement institution of a designated payment system is not a fit and proper person to act as such executive officer, the Authority may, by written notice, direct that operator or settlement institution to remove that individual, within such period as the Authority may specify in the notice, from employment with that operator or settlement institution; and

where the Authority is satisfied that an individual appointed as a director of a Singapore operator or a Singapore settlement institution of a designated payment system is not a fit and proper person to act as such director, the Authority may, by written notice, direct that operator or settlement institution to remove that individual, within such period as the Authority may specify in the notice, as director of that operator or settlement institution.

has been convicted, whether in Singapore or elsewhere, of any of the following offences, whether the offence is committed before, on or after 28 January 2020:

an offence involving fraud or dishonesty;

an offence the conviction for which involves a finding that the individual had acted fraudulently or dishonestly;

an offence that is specified in the Third Schedule to the Registration of Criminals Act 1949;

is an undischarged bankrupt, whether in Singapore or elsewhere;

has had an enforcement order against the individual in respect of a judgment debt returned unsatisfied in whole or in part;

has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation;

has in force against the individual a prohibition order;

has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —

that is being or has been wound up by a court; or

the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the financial regulatory authority in that foreign country or territory;

has wilfully contravened or wilfully caused the operator or settlement institution to contravene any provision of this Act;

has, without reasonable excuse, failed to secure the compliance of the operator or settlement institution with this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act;

has failed to discharge any of the duties of the individual’s office or employment; or

needs to be removed in the public interest.

the individual is an undischarged bankrupt, whether in Singapore or elsewhere;

the individual has been convicted, whether in Singapore or elsewhere, of an offence, whether committed before, on or after 28 January 2020 —

involving fraud or dishonesty, or the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; and

punishable with imprisonment for a term of at least 3 months.

fails to comply with a written notice under subsection (1); or

contravenes any condition imposed under subsection (5),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.