Singapore legislation
Regulation 33
Regulation 33
Exemption from requirements in section 24 of Act
Subregulation 1
A major payment institution is exempt from section 24(1)(a) of the Act in respect of a personal payment account that the major payment institution issues to a payment service user if the major payment institution ensures that any currency equivalent of the e‑money contained in the personal payment account that exceeds the prescribed amount mentioned in regulation 18(1) (or its equivalent in a foreign currency) is transferred out of the personal payment account at the end of the day on which the excess amount accrues.
Subregulation 2
A major payment institution is exempt from section 24(1)(b) of the Act in respect of a personal payment account that the major payment institution issues to a payment service user if the major payment institution ensures that the total currency equivalent of the e‑money transferred in any period of one year from the personal payment account, other than the specified amount, does not exceed the prescribed amount mentioned in regulation 18(2), or its equivalent in a foreign currency.
Subregulation 3
A major payment institution is exempt from section 24(1)(c)(i) of the Act in respect of all the personal payment accounts that the major payment institution issues to a payment service user if the major payment institution ensures that the currency equivalent of the e‑money that is contained in all personal payment accounts and exceeds the prescribed amount mentioned in regulation 18(1) (or its equivalent in a foreign currency) is transferred out of the personal payment accounts at the end of the day on which the excess amount accrues.
Subregulation 4
A major payment institution is exempt from section 24(1)(c)(ii) of the Act in respect of all the personal payment accounts that the major payment institution issues to a payment service user if the major payment institution ensures that the total currency equivalent of the e‑money transferred in any period of one year from all personal payment accounts, other than the specified amount, does not exceed the prescribed amount mentioned in regulation 18(2), or its equivalent in a foreign currency.
Subregulation 5
In this regulation —
Definition
“foreign entity” means any corporation established or incorporated outside Singapore that is licensed, registered, approved or otherwise regulated to carry on banking business under the laws of the jurisdiction in which it is established or incorporated;
Definition
“money” does not include e-money, any digital payment token or any excluded digital representation of value;
Definition
“overseas personal deposit account” means a deposit account held with a foreign entity (other than a bank in Singapore) that —
is used as a means of executing payment transactions other than in the course of business; and
only contains money;
Definition
“specified amount” means the aggregate of —
any e‑money transferred to a personal deposit account that is either in the name of or designated by the payment service user mentioned in paragraph (2) or (4), as the case may be; and
any e‑money transferred to an overseas personal deposit account that is in the name of the payment service user mentioned in paragraph (2) or (4), as the case may be.