No. S 523
|Money-changing and Remittance Businesses Act|
|Money-changing and Remittance Businesses (Security Deposit from Remittance Licensees) Regulations 1996|
|Citation and commencement|
|1. These Regulations may be cited as the Money-changing and Remittance Businesses (Security Deposit from Remittance Licensees) Regulations 1996 and shall come into operation on 1st January 1997.|
|Prescribed sum of security deposit|
|2. The sum to be deposited with the Authority under section 7A of the Act shall be $100,000 for each place of business or branch at which the person granted the remittance licence (referred to in these Regulations as the licensee) is licensed, or granted written approval under section 7B of the Act, to carry on remittance business.|
|Additional deposit upon approval of new branch, etc.|
|3. Where the licensee is granted written approval by the Authority to open a new place of business or branch in Singapore under section 7B of the Act, he shall, upon the grant of such approval, deposit with the Authority any additional amount required to comply with regulation 2.|
|Use of security deposit|
|4. For the avoidance of doubt, all moneys deposited by the licensee as prescribed in these Regulations shall constitute a single sum which the Authority may apply for any of the purposes of section 7A of the Act in respect of obligations of the licensee to, or claims by, any person who will deposit or has deposited moneys with the licensee for remittance purposes.|
Made this 6th day of December 1996.
Monetary Authority of Singapore.
|[BFI FC 02/78 Pt. B; AG/LEG/SL/187/96/1]|