s 4 Licensing of banks
4.—(1) Subject to section 55S, a banking business must not be transacted in Singapore except by a company which is in possession of a valid bank licence granted under this Act by the Authority authorising it to conduct banking business in Singapore.[1/2020] (2) Any person who contravenes subsection (1) 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 of a day 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 of a day during which the offence continues after conviction.