Singapore legislation
Clause 20
of Money-changing and Remittance Businesses (Amendment) Bill
Clause 20
Amendment of section 25
Section 25 of the principal Act is amended —
(a)
by deleting subsection (2) and substituting the following subsection:“(2) A licensee carrying on remittance business shall pay all moneys received from its customers for remittance purposes directly into the account referred to in subsection (1) no later than the next business day following the day on which the moneys were received by it.”; and
(b)
by deleting the words “is adjudicated a bankrupt or, being a company,” in subsection (6).