Singapore legislation
Regulation 24
Regulation 24
Prohibition of payment to personal bank accounts
Subregulation 1
A licensee must not cause or permit any payment relating to a travel product sold by the licensee to be made to a bank account in Singapore that is held in the name of one or more individuals.
Subregulation 2
Paragraph (1) does not apply to a bank account held —
(a)
in the name of a sole proprietor who is a licensee; or
(b)
in the name or names of the partners of a partnership that is a licensee.