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Banking Act (Cap 19, 2008 Rev Ed)

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 III);

(b) provisions relating to reserve funds, dividends, balance-sheets and disclose of interest by directors (Part IV);

(c) prohibited banking businesses (Part V);

(d) minimum asset requirements to be met by banks (Part VI);

(e) powers of control over banks, including the duties and responsibilities of bank officers (Part VII);

(f) voluntary transfer of banking business (Part VIIA); and

(g) regulation of credit card and charge card businesses (Part VIII).

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