Singapore legislation
Clause 5
Clause 5
Persons carrying on money-changing business to be licensed
(1)
No person shall carry on any money-changing business unless he is in possession of a valid money-changer’s licence.
(2)
A person who contravenes or fails to comply with the provisions of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding six months or to both such fine and imprisonment.