Singapore legislation
Section 461
Section 461
CMOs must be licensed
(1)
It is an offence for a person to carry on business as a CMO —
(a)
without a class licence; or
(b)
while under a cessation order.
(2)
A person who commits an offence under subsection (1) shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.