Clause 5

Every person who is granted a remittance licence shall deposit with the Authority a sum of $100,000 or such other sum as may be prescribed by regulations made under this Act to be held as security for the due performance of his obligations to those persons who will deposit or have deposited moneys with him for remittance purposes.(2) The deposit referred to in subsection (1) shall be in cash or in such other form as the Authority may in any particular case allow.(3) In the event that a licensee ceases to carry on remittance business, it shall be lawful for the Authority to deduct from the deposit such amount as may be required to pay any sums claimed by the customers of the licensee who had given moneys to the licensee for remittance purposes and if any deposit is insufficient to cover all sums claimed by the remitters, the Authority may pay part of the sums claimed by those customers.(4) The Authority, upon being satisfied that there is no outstanding claims by the customers of the licensee, shall release the deposit or the balance thereof, as the case may be, to the licensee.(5) Any deposit furnished by a licensee under this section shall not be liable to be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever, 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 deposit shall be deemed not to form part of the property of the licensee.Licensee not to open branch without Authority’s approval7B.—

No licensee shall open a new place of business or branch in Singapore without the written approval of the Authority which may, in its discretion, grant its approval with or without imposing any conditions as it thinks fit.(2) Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.(3) An additional fee shall be payable by a licensee for each of his branches.Display of licence7C.—

Every licensee shall display or exhibit his licence or a certified true copy thereof in a conspicuous place at every premises where he carries on money-changing or remittance business.(2) Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.”.