19. Closure certificate
Feedback & supportLast amended by an amending law of 2005.
The holder of a remittance licence shall within 45 days, or such longer period as the Authority may allow, of the date on which its remittance licence has lapsed, has been surrendered or revoked or has expired, submit to the Authority a closure certificate issued by its auditors confirming that —
remittance licence
“remittance licence” means a licence granted under this Act authorising the holder thereof to carry on remittance business;
all moneys received from the licensee’s customers have been received by the intended recipients of such moneys; and
licensee
“licensee” means the holder of a money-changer’s licence or a remittance licence, as the case may be;
adequate provision has been made to meet any unforeseen liabilities in respect of the remittance business. [14A
remittance business
“remittance business” means the business of accepting moneys for the purpose of transmitting them to persons resident in another country or a territory outside Singapore;