31. Restriction on soliciting
Feedback & supportNo person outside Singapore shall, whether by himself or through any person in Singapore, offer or invite, or issue any advertisement containing any offer or invitation to the public or any section of the public in Singapore to purchase or otherwise acquire a stored value facility or the value stored in a stored value facility, whether in Singapore or elsewhere.
stored value facility
“stored value facility” means —(a)a facility (other than cash), whether in physical or electronic form, which is purchased or otherwise acquired by a person (referred to in this Act as the user) to be used as a means of making payment for goods or services up to the amount of the stored value that is available for use under the terms and conditions applying to the facility, and payment for the goods or services is made by the holder of the stored value in respect of the facility (rather than by the user); or(b)all the facilities referred to in paragraph (a) provided under the same terms and conditions;
For the purposes of subsection (1), in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard shall be had to such considerations as the Authority may prescribe.
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
in any other case, 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 thereof during which the offence continues after conviction.
Any person in Singapore who, on behalf of a person outside Singapore, offers or invites, or issues any advertisement containing any offer or invitation to, the public or any section of the public in Singapore to purchase or otherwise acquire a stored value facility or the value stored in the facility, whether in Singapore or elsewhere, shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
in any other case, 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 thereof during which the offence continues after conviction.
A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (3) or (4) if he proves that —
he received the advertisement for publication in the ordinary course of his business;
the matters contained in the advertisement were not, wholly or in part, devised or selected by him or by any person under his direction or control; and
he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.[Banking Act, s. 4A]