Banking Act 1970 - Singapore Statutes Online

Power of Authority to secure compliance with Act

65.—(1) A bank in Singapore, if called upon at any time by the Authority in writing to do so, must satisfy the Authority by the production of such evidence or information as the Authority may require, that the bank is not in contravention of any of the provisions of, or any regulation, notice or direction made or issued under, section 10, 10A, 10C, 23, 27, 29, 29A, 31, 32, 33, 35, 38, 39, 40, 42 or this section.

[5/2016; 1/2020]

(2) Without affecting sections 10, 10A, 10C, 23, 27, 29, 29A, 31, 32, 33, 35, 38, 39, 40 and 42 or any other subsection of this section, the Authority may, for the purpose of securing compliance with any of those provisions, or any regulation, notice or direction made or issued under any of those sections (other than this section), on a consolidated basis, from time to time by written notice, require any bank to aggregate, in such manner as may be specified in the notice —

(a)

its assets, liabilities, profits or losses, and any other information whether or not on its balance sheet; and

(b)

the assets, liabilities, profits or losses, and any other information whether or not on the balance sheets of —

(i)	the bank’s related corporations; and
(ii)	the entities in which the bank holds, directly or indirectly, a major stake as defined in section 32(7). [5/2016; 1/2020]

(3) A notice under subsection (2) may vary a requirement of a notice issued under any of the sections mentioned in that subsection.

[5/2016]

(4) The bank must comply with the notice under subsection (2) within such time as may be specified in the notice.

[5/2016]

(5) Any bank which fails to comply with a requirement of the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction 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 of a day during which the offence continues after conviction.

[5/2016]

(6) Any bank which contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to the same punishment as that provided for a contravention of the section of this Act, or of a notice or direction under the section of this Act, for the compliance with which the notice was given.

[5/2016]

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