In force2007 Revised EditionCurrent version · 2007 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
8. Prohibition on holding out as designated payment system
Feedback & support(1)
No person shall hold himself out as the operator or settlement institution of a designated payment system unless the payment system has been designated by the Authority under section 7.
operator
Defined · s 2
“operator”, in relation to a payment system, means a person who operates the payment system;
(2)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.[SF Act, s. 56]