https://sso.agc.gov.sg/Act/BA1970
The Banking Act (“BA”) primarily governs the licensing and regulation of banking business in Singapore. In this connection, no banking business can be carried out in Singapore except by a company with a valid licence and the contravention of this requirement attracts criminal responsibility: see s 4 of the BA.
The scope of the BA, inter alia, includes the following:
(a) requirements for licensing of banks (Part 3);
(b) provisions relating to reserve funds, dividends, balance-sheets and disclose of interest by directors (Part 4);
(c) prohibited banking businesses (Part 5);
(d) minimum asset requirements to be met by banks (Part 6);
(e) powers of control over banks, including the duties and responsibilities of bank officers (Part 7);
(f) voluntary transfer of banking business (Part 7A); and
(g) regulation of credit card and charge card businesses (Part 8).