Money-changing and Remittance Businesses Regulations

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Money-changing and Remittance Businesses Act

(Chapter 187, Sections 7, 8, 10, 15, 27 and 32)

Money-changing and Remittance Businesses Regulations

Rg 1

G.N. No. S 687/2005

REVISED EDITION 2008

(31st January 2008)

[2nd November 2005]

Citation

1. These Regulations may be cited as the Money-changing and Remittance Businesses Regulations.

Application fees

2.—(1) The application fees payable to the Authority under section 7 of the Act shall be as follows:

(a)	in respect of an application for the grant of a money-changer’s licence, $200;
(b)	in respect of an application for the renewal of a money-changer’s licence, $100.

(2) The application fees payable to the Authority under section 8 of the Act shall be as follows:

(a)	in respect of an application for the grant of a remittance licence, $500;
(b)	in respect of an application for the renewal of a remittance licence, $250.

Licence fees

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

(a)	in respect of a money-changer’s licence, $1,300 per annum;
(b)	in respect of a remittance licence, $4,000 per annum.

(2) Where a licensee has more than one place of business, an additional fee of $1,000 per annum shall be payable for the second or every subsequent place of business.

(3) Any fee payable under this regulation may be pro-rated, subject to a minimum of $100 per annum for each licence or each additional place of business.

Payment of fees

4.—(1) Payment of fees may be made through any electronic funds transfer system designated from time to time by the Authority.

(2) Payment made through such an electronic funds transfer system may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority.

Additional security upon approval of additional place of business, etc.

5. For the purposes of section 10(2) of the Act, a holder of a remittance licence shall maintain with the Authority security of the value of $100,000 for each additional place of business.

Auditor’s report and financial statement

6.—(1) Where the Authority requires an auditor to submit a report under section 27(2)(d) of the Act, the report shall —

(a)

be submitted by the auditor to the Authority in the form set out at the Authority’s Internet website at http://www.mas.gov.sg (under “Regulations and Licensing, Money-Changers & Remittance Companies, Subsidiary Legislation”) —

(i)	where the licensee is a company, not later than 3 months after the end of the financial year; or
(ii)	where the licensee is a partnership, a limited liability partnership or an individual, not later than 3 months after the end of the period for which the licensee’s financial statements are made up; and

(b)

be signed by the auditor and indicate the name and contact particulars of the auditor.

(2) Every licensee shall submit to the Authority financial statements in such form and on such periodic basis as the Authority may specify by notice in writing.

(3) Any licensee who fails to comply with paragraph (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

[G.N. No. S 687/2005]

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