Payment Services Act 2019 · 2020 Revised Edition · Part 3 · Payment Systems
47. Obligation of operator or settlement institution to have place of business or registered office
Feedback & supportAn operator of a designated payment system, and a settlement institution of a designated payment system, must, within such period, after the date on which the order under section 42(1) designating that payment system is published in the Gazette, as the Authority may specify by written notice, establish a permanent place of business or a registered office in Singapore.
operator
“operator”, in relation to a payment system, means a person that operates the payment system;
The operator or settlement institution must appoint a person to be present, on such days and at such hours as the Authority may specify by written notice, at the permanent place of business or registered office of the operator or settlement institution, to address any queries or complaints from any customer of the operator or settlement institution.
settlement institution
“settlement institution” means a person that provides facilities for —(a)the participants of a payment system to hold funds; and(b)the settling of transactions between the participants;
The operator or settlement institution must keep, or cause to be kept, at the permanent place of business or registered office of the operator or settlement institution, books of all the transactions of the operator or settlement institution in relation to the designated payment system.
permanent place of business
“permanent place of business”, in relation to a licensee, or an operator or a settlement institution of a designated payment system, means each fixed location in Singapore used by the licensee, operator or settlement institution for carrying on its business, regardless whether the business is carried on within a single building or at a single business address;
The operator or settlement institution must notify the Authority of any change in the address of any of the following places within such period, after the date of that change, as the Authority may specify by written notice:
the permanent place of business or registered office in Singapore of the operator or settlement institution;
every other place of business of the operator or settlement institution.
A person that contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
A person that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.