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PR Newswire
18-01-2015, 04:54 PM
Maybe this section of the Banking Act (Chap 19) is applicable? My read of the matter is that unless the company has a specific license to accept deposits, it cannot anyhow accept deposits wor.....
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.
(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.
(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.
(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.
(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
© he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.
(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);
© 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.
(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.
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.
(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.
(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.
(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.
(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
© he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.
(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);
© 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.
(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.