Clause 2

In this Act, unless the context otherwise requires —

“Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 195);

“licence” means a money-changer’s licence or a remittance licence, as the case may be, issued under this Act;

“money-changer’s licence” means a licence issued under this Act authorising the holder thereof to carry on money-changing business;

“money-changing business” means the business of buying or selling foreign currency notes;

“remittance business” means the business of accepting monies for the purpose of transmitting them to persons resident in another country;

“remittance licence” means a licence issued under this Act authorising the holder thereof to carry on remittance business.

For the purposes of this Act, a person shall be deemed to be carrying on money-changing business if he —