Singapore legislation
Regulation 27
Regulation 27
Exemption in respect of providing money‑changing services that is incidental to hotel business
Subregulation 1
A holder of a money‑changing licence is exempt from section 34 of the Act in respect of its business of providing any money‑changing service if —
(a)
the holder also carries on a business of keeping or managing a hotel; and
(b)
the holder’s business of providing any money‑changing service is solely incidental to its business mentioned in sub‑paragraph (a).
Subregulation 2
A person who intends to become a 20% controller of a holder of a money‑changing licence who is exempt under paragraph (1), is exempt from section 28 of the Act.
Subregulation 3
In this regulation, “hotel” means any premises registered as a hotel under section 5 of the Hotels Act 1954.