—(1) No bank in Singapore shall carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, whether in Singapore or elsewhere, any business except for the following:
any business the conduct of which is regulated or authorised by the Authority or, if carried on in Singapore, would be regulated or authorised by the Authority under any written law;
any business or class of business as the Authority may prescribe, subject to such conditions as may be prescribed; or
any other business as the Authority may approve for the purposes of this section, subject to such conditions as the Authority may impose.
(2) Nothing in this section shall —
prevent a bank from holding any equity investment in a company in accordance with section 31; or
be construed as exempting a bank from any requirement which, apart from this section, the bank is required to comply with under any written law for the conduct of any business.
(3) Any bank which contravenes this section or fails to comply with any condition imposed or prescribed under this section 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 thereof during which the offence continues after conviction.