Money-changing and Remittance Businesses (Exemption from Section 13) Notification 2018

Status:

Published in Subsidiary Legislation Supplement
on 28 Mar 2018

No. S 152

Money-changing and Remittance Businesses Act

(CHAPTER 187)

Money-changing and Remittance Businesses
(Exemption from Section 13)
Notification 2018

In exercise of the powers conferred by section 31(2) of the Money‑changing and Remittance Businesses Act, the Monetary Authority of Singapore makes the following Notification:

Citation and commencement

1. This Notification is the Money-changing and Remittance Businesses (Exemption from Section 13) Notification 2018 and comes into operation on 1 April 2018.

Exemption

2. The Authority exempts, from section 13(1) of the Act, any shareholder of OFX Group Limited who becomes a substantial shareholder of OFX Singapore Pte. Limited, by reason only of having a substantial shareholding in OFX Group Limited.

Conditions of exemption

3. The exemption in paragraph 2 is subject to all of the following conditions:

(a)	OFX Singapore Pte. Limited is and continues to be a wholly‑owned subsidiary of OzForex Limited;
(b)	OzForex Limited is and continues to be a wholly‑owned subsidiary of OFX Group Limited;
(c)	OzForex Limited is and continues to be registered and regulated by the Australian Transaction Reports and Analysis Centre.

Made on 14 March 2018.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[FSG FC 1/78 PT 414; AG/LEGIS/SL/187/2015/2 Vol. 1]

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