Banking (Licence Fees) Notification 2001

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No. S 217

Banking Act

(Chapter 19)

Banking (Licence Fees) Notification 2001

In exercise of the powers conferred by sections 8 and 13(1) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Banking (Licence Fees) Notification 2001 and shall be deemed to have come into operation on 1st April 2001.

Definitions

2. In this Notification, unless the context otherwise requires —

“full banking licence” means a licence to transact banking business, other than an offshore banking licence and a restricted banking licence;

“limited purpose branch” means a branch of a bank in Singapore at which services provided in relation to banking business are limited to the following:

(a)	accepting cash or cheques for payment into accounts already maintained with the bank;
(b)	in the case of applications for new accounts for which initial deposits are made by way of cheques, verifying identities of the applicants;
(c)	accepting cash or cheques as payment for bills for credit card or other credit facilities;
(d)	providing automated teller machines, internet banking kiosks or other self-service facilities;
(e)	providing general assistance to customers in respect of the services referred to in sub-paragraphs (a) to (d) and applications for electronic banking services; or
(f)	any other service as the Authority may approve;

“offshore banking licence” means a licence to transact banking business, the conditions of which require the holder of that licence to comply with such guidelines as may be issued by the Authority in relation to the operation of offshore banks;

“restricted banking licence” means a licence to transact banking business, the conditions of which require the holder of that licence to comply with such guidelines as may be issued by the Authority in relation to the operation of restricted banks.

Licence fees

3.—(1) The fees payable for a licence to transact banking business granted by the Authority under the Act for every year commencing on 1st April and ending on 31st March of the following year or part thereof shall be as follows:

(a)

in respect of a full banking licence —

(i) for the head office of a bank incorporated in Singapore or the main office in Singapore of a bank incorporated outside Singapore

—

$125,000;

(ii) for each branch of a bank in Singapore, other than a limited purpose branch

—

$10,000;

(iii) for each limited purpose branch

—

$1,000;

(b) in respect of a restricted banking licence

—

$100,000; and

—

$75,000.

(2) The Authority may, where it considers appropriate, waive or refund wholly or in part the fees payable under sub-paragraph (1).

Cancellation

4. The Banking (Licence Fees) Notification (N 1) is cancelled.

Made this 11th day of April 2001.

THARMAN SHANMUGARATNAM

Managing Director,
Monetary Authority of Singapore.

[BFI BK 016/74 Vol. 2; AG/LEG/SL/19/99/1 Vol. 1]

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