Singapore legislation
Regulation 13
of Deposit Insurance and Policy Owners’ Protection Schemes (Deposit Insurance) Regulations 2011
Regulation 13
Disclosure statement for insured deposits
Subregulation 1
Every DI Scheme member shall, in respect of every insured deposit that it offers or holds for insured depositors, state clearly that the insured deposit is covered under the DI Scheme up to the limits prescribed in the Act in all marketing materials, account opening forms and account statements for such deposits, whether in electronic, print or other form.
Subregulation 2
Where the statement required under paragraph (1) is in written form, the statement shall be clear and legible.
Subregulation 3
Any DI Scheme member which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine of $12,500 for every day or part thereof during which the offence continues after conviction.