Singapore legislation
Clause 6
Clause 6
Persons carrying on remittance business to be licensed
(1)
No person shall carry on any remittance business unless he is in possession of a valid remittance 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.