Singapore legislation
Section 19
Section 19
Closure certificate
Amended by25/2005
The holder of a remittance licence shall within 45 days, or such longer period as the Authority may allow, of the date on which its remittance licence has lapsed, has been surrendered or revoked or has expired, submit to the Authority a closure certificate issued by its auditors confirming that —
(a)
all moneys received from the licensee’s customers have been received by the intended recipients of such moneys; and
(b)
adequate provision has been made to meet any unforeseen liabilities in respect of the remittance business. [14A