Singapore legislation

Clause 7

of Money-changing and Remittance Businesses Bill

Clause 7

Application for licence

(1)

Any person who desires to obtain a licence shall make an application to the Authority in such form as the Authority may require.

(2)

Upon receiving an application under subsection (1), the Authority shall consider the application and may grant a licence with or without conditions or refuse to grant a licence without assigning any reason therefor.

(3)

In considering any application by a person for a licence the Authority may require to be satisfied as to —

(a)

the good character of the applicant or, if the applicant is a company, the general character of the management of the company;

(b)

the financial condition of the applicant; and

(c)

whether the public interest will be served by the granting of a licence.

(4)

The Authority may at any time vary or revoke any of the existing conditions of a licence or impose new conditions.

Read in full context — Money-changing and Remittance Businesses Bill →