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Financial penalty for contravening regulation 3(2)(b) if it results in amount withdrawn exceeding specified amount

Central Provident Fund (Financial Penalties) Regulations 2016

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—(1) This regulation applies to the contravention of regulation 3(2)(b) in relation to a withdrawal application submitted by an approved provider which results in an amount, exceeding the specified amount, being withdrawn from the member’s medisave account.(2) Subject to paragraph (3), the financial penalty that may be imposed on an approved provider for each contravention mentioned in paragraph (1) is the amount specified in the second column of the First Schedule, corresponding to the number of previous penalty years specified in the first column of that Schedule.(3) The total amount of financial penalties that may be imposed on an approved provider for all contraventions mentioned in paragraph (1) assigned with the same current penalty year must not exceed the amount specified in the third column of the First Schedule, corresponding to the number of previous penalty years specified in the first column of that Schedule.(4) In paragraph (1) and regulation 6(1)(a), “specified amount” means the amount permitted to be withdrawn under the MAW Regulations for the medical, psychiatric or other treatment or service received, or to be received as part of an approved treatment package, by the member or member’s dependant (as the case may be) to which the withdrawal application mentioned in paragraph (1) or regulation 6(1)(a) (as the case may be) relates.

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