Clause 13

Amendment of section 19

of Money-changing and Remittance Businesses (Amendment) Bill

BillNot in forceProvision 13 of 13

Section 19 of the principal Act is amended by deleting subsection (1) and substituting the following subsection:“(1) This Act shall not apply to —

(a)

any company which has a valid licence granted under the Banking Act [Cap. 19] authorising it to conduct banking business in Singapore;

(b)

any merchant bank which is an approved financial institution for the purposes of section 28 of the Monetary Authority of Singapore Act [Cap. 186]; and

(c)

any company which has a valid licence granted under the Finance Companies Act [Cap. 108] and has obtained the approval of the Authority to deal in foreign currency.”.

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