In forceAmended2008 Revised EditionCurrent version · 2008 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
6. No person to carry on remittance business without licence
Feedback & supportAmended
Last amended by an amending law of 2005. 2 amendments in all.
(1)
No person shall carry on or advertise that he carries on remittance business unless he is in possession of a valid remittance licence.
remittance business
Defined · s 2
“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;
(2)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a fine not exceeding $10,000 for every day during which the offence continues after conviction.