Money-changing and Remittance Businesses (Security Deposit from Remittance Licensees) Regulations

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Money-changing and Remittance
Businesses Act

(Chapter 187, Sections 8(1) and 29)

Money-changing and Remittance Businesses
(Security Deposit from Remittance Licensees)
Regulations

Rg 2

G.N. No. S 523/1996

REVISED EDITION 1997

(1st January 1997)

[1st January 1997]

Citation

1. These Regulations may be cited as the Money-changing and Remittance Businesses (Security Deposit from Remittance Licensees) Regulations.

Prescribed sum of security deposit

2. The sum to be deposited with the Authority under section 8 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 9 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 9 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 8 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.

[G.N. No. S 523/96]

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