Banking Act 1970 |
Banking (Financial Penalties under Sections 38 and 39) Order 2024 |
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Citation and commencement |
1. This Order is the Banking (Financial Penalties under Sections 38 and 39) Order 2024 and comes into operation on 26 December 2024. |
Definitions |
2. In this Order —
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Financial penalty under section 38 of Act |
3. For the purposes of section 38(7) of the Act, the prescribed formula for the financial penalty (F1) that a bank is liable to pay for every day or part of a day that the bank fails to comply with any liquid assets requirement is —
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Financial penalty under section 39 of Act |
Revocation |
5. Revoke the Banking (Financial Penalties under sections 38 and 39) Order 2007 (G.N. No. S 241/2007). |
Permanent Secretary, Prime Minister’s Office, Singapore. |
[MM021 Vol 5; AG/LEGIS/SL/19/2020/14] |
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