Singapore legislation
Regulation 17
Regulation 17
Application of regulations 14, 15 and 16 to exempt payment service providers
For the purposes of section 13(2) of the Act, read with section 23 of the Act —
regulations 14 and 15 apply in relation to an exempt payment service provider as they apply in relation to a major payment institution; and
regulation 16 applies in relation to an exempt payment service provider as it applies in relation to a major payment institution, except that where the exempt payment service provider is also a safeguarding institution and the exempt payment service provider intends to safeguard or safeguards the relevant money of a customer by depositing the relevant money in a trust account maintained with itself, the exempt payment service provider need not comply with regulation 16(1)(a), (b)(i), (e) and (f).