Singapore legislation

Regulation 5

of Payment Services (Singapore Dollar Cheque Clearing System and Inter-bank GIRO System) Regulations 2019

Regulation 5

Funds to meet payment obligations of participant

Every participant must —

(a)

where the participant has opened a settlement account — ensure that there are sufficient funds in the settlement account to meet its payment obligations arising out of any clearing in each day; or

(b)

where the participant has appointed a settlement agent — ensure that the settlement agent settles the payment obligations of the participant arising out of any clearing in each day.

Read in full context — Payment Services (Singapore Dollar Cheque Clearing System and Inter-bank GIRO System) Regulations 2019 →