Singapore Government
Link to AGC Website
Home | Search | Browse | Results | My Preferences
 
Contents

Long Title

Part I PRELIMINARY

Part II APPOINTMENT OF ASSISTANTS

Part III LICENSING OF BANKS

Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION

Part V PROHIBITED BUSINESS

Part VI MINIMUM ASSET REQUIREMENTS

Part VII POWERS OF CONTROL OVER BANKS

Part VIIA VOLUNTARY TRANSFER OF BUSINESS

Division 1 — Voluntary transfer of business of bank

Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed

Division 5 — Miscellaneous

Part VIII CREDIT CARD AND CHARGE CARD BUSINESSES

Part IX MISCELLANEOUS

FIRST SCHEDULE Banks

SECOND SCHEDULE Effect of merger

THIRD SCHEDULE Disclosure of information

FOURTH SCHEDULE Specified provisions

FIFTH SCHEDULE Definitions in sections 27, 28, 29 and 38

Legislative History

Comparative Table

Comparative Table

 
Slider
Left Corner
Print   Link to In-Force Version
On 24/11/2014, you requested the version in force on 24/11/2014 incorporating all amendments published on or before 24/11/2014. The closest version currently available is that of 02/01/2014.
Slider
Restriction on deposit-taking business and soliciting deposits
4A.
—(1)  Subject to subsection (6), no person shall, in the course of carrying on (whether in Singapore or elsewhere) a deposit-taking business, accept in Singapore any deposit from any person in Singapore.
[23/2001]
(2)  No person shall, whether in Singapore or elsewhere, offer or invite or issue any advertisement containing any offer or invitation to the public or any section of the public in Singapore —
(a)
to make any deposit, whether in Singapore or elsewhere; or
(b)
to enter or offer to enter into any agreement to make any deposit, whether in Singapore or elsewhere,
where such deposit is to be made with any person (not being a person specified in subsection (6)) in the course of the carrying on (whether in Singapore or elsewhere) of a deposit-taking business by that person.
[23/2001; 1/2007]
(3)  For the purposes of subsection (2), in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard shall be had to such considerations as the Authority may prescribe.
[23/2001]
(4)  Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b)
in any other case, 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.
[23/2001]
(5)  A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (4) if he proves that —
(a)
he received the advertisement for publication in the ordinary course of his business;
(b)
the matters contained in the advertisement were not, wholly or in part, devised or selected by him or by any person under his direction or control; and
(c)
he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.
[23/2001]
(6)  Without prejudice to section 76, subsection (1) shall not apply to —
(a)
any bank in Singapore;
(b)
any co-operative society registered as a credit society under the Co-operative Societies Act (Cap. 62);
[23/2008 wef 20/10/2008]
(c)
any finance company licensed under the Finance Companies Act (Cap. 108);
(d)
any merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
(e)
any person (other than a person referred to in paragraphs (a) to (d)) who is licensed, approved, authorised or otherwise empowered under any written law to accept deposits in Singapore in accordance with such law; and
(f)
such other person or class of persons as the Authority may prescribe and subject to such conditions as may be prescribed by the Authority.
[23/2001]
(7)  The fact that a deposit has been taken in contravention of this section shall not affect any civil liability in respect of the deposit or the money deposited.
[23/2001]