Comparison View

Formal Consolidation |  2020 RevEd
Approval, notification and submission of information relating to person taking part in management, etc.
14.—(1)  A licensee must not, without the written approval of the Registrar, permit any person to —
(a)take part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(b)become a director of the licensee.
[7/2018]
(2)  An application for the Registrar’s approval mentioned in subsection (1) must be made in the form and manner specified by the Registrar.
[7/2018]
(3)  On an application by a licensee for the Registrar’s approval mentioned in subsection (1), the Registrar may —
(a)grant the approval applied for; or
(b)refuse to grant the approval applied for.
[7/2018]
(4)  The Registrar must refuse to grant an approval under subsection (3)(b) if the Registrar is not satisfied that the person in respect of whom the approval is applied for is of good character and is a fit and proper person.
[7/2018]
(5)  Without limiting subsection (4), the Registrar may refuse to grant an approval under subsection (3)(b) to any person who, whether before, on or after 30 November 2018 —
(a)has been convicted of any offence involving dishonesty or moral turpitude;
(b)has been convicted of any offence under sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002 or any regulation made under the United Nations Act 2001;
(c)is contravening or has contravened any provision of this Act or any corresponding previous written law;
(d)has been convicted of any offence under this Act or any corresponding previous written law; or
(e)has carried on any business of moneylending in Singapore or any foreign country or territory —
(i)for which the licence has been revoked or suspended under this Act or any corresponding previous written law; or
(ii)the approval, authorisation, registration or licence of or for which has been withdrawn, cancelled or revoked by a regulatory authority in that foreign country or territory.
[7/2018]
(6)  The Registrar may cancel any approval granted under subsection (3)(a) in respect of a person if the Registrar —
(a)has reasonable grounds to believe that the approval has been obtained by fraud or misrepresentation;
(b)is no longer satisfied that the person is of good character; or
(c)is no longer satisfied that the person is a fit and proper person.
[7/2018]
(7)  The Registrar must not refuse to grant an approval under subsection (3)(b) or cancel any approval under subsection (6) without giving the licensee concerned an opportunity to be heard.
[7/2018]
(8)  Where an approval granted under subsection (3)(a) is cancelled under subsection (6), the Registrar must notify the licensee concerned and the person in respect of whom the approval was granted of the cancellation and the date on which the approval is cancelled.
[7/2018]
(9)  Starting on the date after the date of cancellation of approval specified in the notice under subsection (8) —
(a)the licensee must not permit the person in respect of whom the approval was cancelled —
(i)to take part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(ii)to be a director of the licensee; and
(b)the person in respect of whom the approval was cancelled must —
(i)cease to take part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(ii)cease to be a director of the licensee.
[7/2018]
(10)  Every licensee must submit to the Registrar, in the form and manner and at the time specified by the Registrar, the names and particulars of every person who, as at the date of the submission —
(a)is taking part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(b)is a director of the licensee.
[7/2018]
(11)  Where any person —
(a)ceases to take part (whether directly or indirectly) in the management of a licensee’s business of moneylending; or
(b)ceases to be a director of a licensee,
the licensee must notify the Registrar in writing of the cessation not later than 7 days after becoming aware of the cessation.
[7/2018]
(12)  Any person who, without reasonable excuse, contravenes subsection (1), (9), (10) or (11) shall be guilty of an offence and shall be liable on conviction —
(a)to a fine not exceeding $20,000; and
(b)in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction.
[7/2018]
(13)  Where —
(a)a licensee has obtained the Registrar’s approval under section 12(1)(b) of this Act as in force immediately before 30 November 2018 for the admission of a person who will be responsible for the management of the licensee’s business of moneylending; and
(b)the approval has not been cancelled,
the licensee is treated as having been granted the Registrar’s approval under subsection (3)(a) to permit the person to take part (whether directly or indirectly) in the management of the licensee’s business of moneylending.
[7/2018]
(14)  Where —
(a)a licensee has obtained the Registrar’s approval under section 12(1)(c) of this Act as in force immediately before 30 November 2018 for a person to become a director or partner of the licensee; and
(b)the approval has not been cancelled,
the licensee is treated as having been granted the Registrar’s approval under subsection (3)(a) to permit the person to become a director or partner of the licensee.
[11B
[7/2018]
Informal Consolidation | Amended Act 6 of 2024
Approval, notification and submission of information relating to person taking part in management, etc.
14.—(1)  A licensee must not, without the written approval of the Registrar, permit any person to —
(a)take part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(b)become a director of the licensee.
[7/2018]
(2)  An application for the Registrar’s approval mentioned in subsection (1) must be made in the form and manner specified by the Registrar.
[7/2018]
(3)  On an application by a licensee for the Registrar’s approval mentioned in subsection (1), the Registrar may —
(a)grant the approval applied for; or
(b)refuse to grant the approval applied for.
[7/2018]
(4)  The Registrar must refuse to grant an approval under subsection (3)(b) if the Registrar is not satisfied that the person in respect of whom the approval is applied for is of good character and is a fit and proper person.
[7/2018]
(5)  Without limiting subsection (4), the Registrar may refuse to grant an approval under subsection (3)(b) to any person who, whether before, on or after the commencement date —
(a)has been convicted of any offence involving dishonesty or moral turpitude;
(b)has been convicted of any offence under sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002 or any regulation made under the United Nations Act 2001;
(ba)has been convicted of an offence under any provision of any other written law relating to —
(i)the prevention of money laundering;
(ii)the prevention of terrorism financing; or
(iii)the prevention of the financing of proliferation of weapons of mass destruction;
[Act 6 of 2024 wef 01/05/2024]
(bb)has been convicted of an offence under the law of any foreign country or territory relating to —
(i)the prevention of money laundering;
(ii)the prevention of terrorism financing; or
(iii)the prevention of the financing of proliferation of weapons of mass destruction;
[Act 6 of 2024 wef 01/05/2024]
(c)is contravening or has contravened any provision of this Act or any corresponding previous written law;
(d)has been convicted of any offence under this Act or any corresponding previous written law; or
(e)has carried on any business of moneylending in Singapore or any foreign country or territory —
(i)for which the licence has been revoked or suspended under this Act or any corresponding previous written law; or
(ii)the approval, authorisation, registration or licence of or for which has been withdrawn, cancelled or revoked by a regulatory authority in that foreign country or territory.
[7/2018]
[Act 6 of 2024 wef 01/05/2024]
(6)  The Registrar may cancel any approval granted under subsection (3)(a) in respect of a person if the Registrar —
(a)has reasonable grounds to believe that the approval has been obtained by fraud or misrepresentation;
(b)is no longer satisfied that the person is of good character; or
(c)is no longer satisfied that the person is a fit and proper person.
[7/2018]
(7)  The Registrar must not refuse to grant an approval under subsection (3)(b) or cancel any approval under subsection (6) without giving the licensee concerned an opportunity to be heard.
[7/2018]
(8)  Where an approval granted under subsection (3)(a) is cancelled under subsection (6), the Registrar must notify the licensee concerned and the person in respect of whom the approval was granted of the cancellation and the date on which the approval is cancelled.
[7/2018]
(9)  Starting on the date after the date of cancellation of approval specified in the notice under subsection (8) —
(a)the licensee must not permit the person in respect of whom the approval was cancelled —
(i)to take part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(ii)to be a director of the licensee; and
(b)the person in respect of whom the approval was cancelled must —
(i)cease to take part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(ii)cease to be a director of the licensee.
[7/2018]
(10)  Every licensee must submit to the Registrar, in the form and manner and at the time specified by the Registrar, the names and particulars of every person who, as at the date of the submission —
(a)is taking part (whether directly or indirectly) in the management of the licensee’s business of moneylending; or
(b)is a director of the licensee.
[7/2018]
(11)  Where any person —
(a)ceases to take part (whether directly or indirectly) in the management of a licensee’s business of moneylending; or
(b)ceases to be a director of a licensee,
the licensee must notify the Registrar in writing of the cessation not later than 7 business days after becoming aware of the cessation.
[7/2018]
[Act 38 of 2023 wef 01/03/2024]
(12)  Any person who, without reasonable excuse, contravenes subsection (1), (9), (10) or (11) shall be guilty of an offence and shall be liable on conviction —
(a)to a fine not exceeding $20,000; and
(b)in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction.
[7/2018]
(13)  Where —
(a)a licensee has obtained the Registrar’s approval under section 12(1)(b) of this Act as in force immediately before 30 November 2018 for the admission of a person who will be responsible for the management of the licensee’s business of moneylending; and
(b)the approval has not been cancelled,
the licensee is treated as having been granted the Registrar’s approval under subsection (3)(a) to permit the person to take part (whether directly or indirectly) in the management of the licensee’s business of moneylending.
[7/2018]
(14)  Where —
(a)a licensee has obtained the Registrar’s approval under section 12(1)(c) of this Act as in force immediately before 30 November 2018 for a person to become a director or partner of the licensee; and
(b)the approval has not been cancelled,
the licensee is treated as having been granted the Registrar’s approval under subsection (3)(a) to permit the person to become a director or partner of the licensee.
(15)  In subsection (5), “commencement date” means the date of commencement of section 26 of the Prevention of Proliferation Financing and Other Matters Act 2024.
[Act 6 of 2024 wef 01/05/2024]
[11B
[7/2018]