Singapore legislation
Section 9
Section 9
Criteria for granting, renewal or holding of remittance licence
Amended by25/200525/2005
(1)
No remittance licence shall be granted to or renewed for any person, and no person shall continue to hold a remittance licence, unless the person —
(a)
is a company;
(b)
has a minimum capital of $100,000 or such other sum as may be prescribed by the Authority; and
(c)
has furnished and maintains with the Authority the security required under section 10.
Amended by25/2005
(2)
Any person who holds a remittance licence in contravention of the minimum capital requirement in subsection (1)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. [7B
Amended by25/2005