Section 11

No licensee shall operate a money-changing business or remittance business, as the case may be, unless he or it has a permanent place of business.

No licensee shall carry on money-changing business or remittance business at any additional place of business other than the licensee’s permanent place of business referred to in subsection (1) except with the approval of the Authority.

A licensee which intends to commence money-changing business or remittance business at any additional place of business shall, prior to commencing such business at the additional place of business, apply in writing to the Authority for approval, and the Authority may approve the additional place of business subject to such conditions as it thinks fit.

The Authority shall not grant its approval under subsection (3) unless the licensee has furnished the Authority with the additional security required under section 10(2) and the additional licence fee required under section 15(3).

The Authority may revoke its approval granted under subsection (3) if the licensee breaches any of the conditions imposed on the licensee under that subsection.

Every licensee shall notify the Authority of any change in the address of any of the licensee’s place of business within 7 days of such change.

Any licensee who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part thereof during which the offence continues after conviction.

Where a licensee fails to notify the Authority within the time period specified in subsection (6) of any change in the address of the licensee’s place of business, the Authority may impose a late notification fee not exceeding $50 for every day or part thereof that the notification is late, subject to a maximum of $1,500. [9