In forceAmended2008 Revised EditionCurrent version · 2008 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
9. Criteria for granting, renewal or holding of remittance licence
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Last amended by an amending law of 2005.
(1)
No remittance licence shall be granted to or renewed for any person, and no person shall continue to hold a remittance licence, unless the person —
remittance licence
Defined · s 2
“remittance licence” means a licence granted under this Act authorising the holder thereof to carry on remittance business;
(a)
is a company;
(b)
has a minimum capital of $100,000 or such other sum as may be prescribed by the Authority; and
(c)
has furnished and maintains with the Authority the security required under section 10.
(2)
Any person who holds a remittance licence in contravention of the minimum capital requirement in subsection (1)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. [7B