Clause 11

Every licensee who carries on remittance business shall maintain a current or deposit account in the name of the licensee at a bank with the words “customers’ account” added to the title of the account.(2) A licensee carrying on remittance business shall pay into the account referred to in subsection (1) all moneys that are received from his customers for remittance purposes, not later than the next bank business day following the day on which the moneys were received by him.(3) No money shall be withdrawn from a customers’ account except —

money that has been paid into the account by the licensee for the purposes of opening or maintaining the account;

money properly required for a payment to or on behalf of a customer; and

money properly required for payment of the licensee’s fees or charges for rendering services to a customer and the customer has been notified that any money held for him will be applied towards or in satisfaction of such fees and charges.(4) No money other than money which a licensee has paid into a customers’ account for the purposes of opening the account and money required by subsection (2) to be paid into a customers’ account of a licensee shall be paid into such an account and it shall be the duty of a licensee into whose customers’ account any money has been paid in contravention of this subsection to withdraw the money wrongly paid into the account without delay upon discovery of the mistake.(5) The moneys in a customers’ account maintained by a licensee at a bank shall not be liable to be attached, sequestered or levied upon for or in respect of any debt of the licensee or any claim whatsoever against the licensee, and if the licensee is adjudicated a bankrupt or, being a company, is declared insolvent or is wound up by an order of court, the moneys in the customers’ account shall be deemed not to form part of the property of the licensee.(6) A licensee who contravenes or fails to comply with any of the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.Auditors17B.—

Every licensee shall at his own expense appoint annually an auditor to carry out an audit of the transactions in his money-changing or remittance business, as the case may be.(2) The Authority may require an auditor appointed under subsection (1) —

to submit to the Authority such information as the Authority may require in relation to the audit carried out by him;

to enlarge or extend the scope of his audit of the business and affairs of the licensee and to submit a report of his audit to the Authority;

to carry out any examination or establish any procedure in any particular case; or

to submit a report to the Authority on any matters referred to in paragraphs (b) and (c),and the licensee shall be responsible for the remuneration of the auditor for these services.(3) The Authority may, if it considers the auditor appointed by the licensee does not carry out his duties to the satisfaction of the Authority, require the licensee to appoint another auditor.”.