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No. S 170

Money-changing and Remittance Businesses Act

(Chapter 187)

Money-changing and Remittance Businesses (Licence Fees) Regulations 1997

In exercise of the powers conferred by sections 9, 11 and 29 of the Money-changing and Remittance Businesses Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Money-changing and Remittance Businesses (Licence Fees) Regulations 1997 and shall come into operation on 5th April 1997.

Licence fees

2.—(1) The fees payable in respect of the following licences issued under the Act shall be as follows:

(a)	Money-changer’s licence

$1,000 per annum.

(b)	Remittance licence:

(i)

Licence A

$600 per annum.

(ii)

Licence B

$500 per annum.

(2) Where the holder of a money-changer’s licence has more than one place of business or branch in Singapore, an additional fee of $1,000 per annum shall be payable for the second or every subsequent place of business or branch.

(3) Where the holder of a remittance licence has more than one place of business or branch in Singapore, the following additional fee shall be payable for the second or every subsequent place of business or branch:

(a)

Licence A

$600 per annum.

(b)

Licence B

$500 per annum.

(4) Any fee under this regulation payable on a pro-rated basis shall be subject to a minimum of $100 per annum for each licence or additional place of business or branch.

Revocation

3. The Money-changing and Remittance Businesses (Licence Fees) Regulations (Rg 1) are revoked.

Made this 31st day of March 1997.

LEE EK TIENG

Managing Director,
Monetary Authority of Singapore.

[BFI FC 2/78 Pt. B; AG/LEG/SL/187/96/1 Vol. 1]