Banking Act (Cap 19, 2008 Rev Ed)
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).