Singapore legislation
Regulation 6
of Central Provident Fund (Financial Penalties) Regulations 2016
Regulation 6
Financial penalty for contravening regulation 3(2)(c) or modified regulation 3(2)(b) or (d)
Subregulation 1
This regulation applies to the contravention of the following regulations by an approved provider:
regulation 3(2)(b), in relation to a withdrawal application submitted by the approved provider that does not result in an amount exceeding the specified amount being withdrawn from the member’s medisave account (called the modified regulation 3(2)(b));
regulation 3(2)(c);
regulation 3(2)(d), if each written authorisation and written confirmation required under regulation 3(2)(d) in relation to a withdrawal application submitted by the approved provider is submitted to the Board before the Board gives notice to the approved provider, in accordance with regulation 9(3), of the decision to impose a financial penalty for the contravention (called the modified regulation 3(2)(d)).
Subregulation 2
Subject to paragraph (3), the financial penalty that may be imposed on an approved provider for each contravention mentioned in paragraph (1) is $100, where the number of previous penalty years in relation to that contravention is 2 or more.
Subregulation 3
The total amount of financial penalties that may be imposed on an approved provider under this regulation for all similar contraventions mentioned in regulation 2(5)(b), assigned with the same current penalty year, must not exceed $5,000.