The Agri-Food & Veterinary Authority of Singapore (AVA, which I sometimes refer to "Animals & Vegetables Authority" Haha!) explained why it is illegal for people living in Singapore to keep exotic wildlife such as snakes:
There is no mention of a fine. I guess the reasons given above are good enough to persuade us not to keep snakes as pets.
I have mentioned earlier that it is important to be able to identify snake species that occur naturally in Singapore, so that we can make better judgements when we encounter a snake. However, alien species escaped or released into the wild can complicate matters. Someone might mistake an exotic venomous snake for a similar-looking native non-venomous snake. Although it is unwise to handle snakes of any kind, I believe that people will still be taking chances (sometimes with goodwill). One unpleasant accident can cause the public to lose confidence in their own ability to identify snakes. This may prevent the "Ask questions first, kill later" spirit from spreading among the public.