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(i)
providing account issuance services which is not solely incidental to the
business of issuing credit cards or charge cards under the Banking Act (Cap.
19);
(ii)
providing domestic money transfer services which is not solely incidental to
the business of issuing credit cards or charge cards under the Banking Act
(Cap. 19);
(iii)
providing cross border money transfer services;
(iv)
providing merchant acquisition services;
(v)
e-money issuance;
(vi)
providing virtual currency services;
(vii)
providing money-changing services.
Division 2 – Conduct of business
Subdivision (1) – General
Place of business or registered office of licensee
15.—(1) A licensee must not carry on business in any type of payment service unless —
(a)
the licensee has a permanent place of business in Singapore; or
(b)
the licensee has a registered office in Singapore.
(2)
A licensee must appoint at least one person to be present at the permanent place of
business or registered office of the licensee, as the case may be, on the days and at the hours
during which the permanent place of business or registered office, as the case may be, is to be
accessible to the public to address any queries or complaints from any payment service user
who is a customer of the licensee.
(3)
A licensee must keep, or cause to be kept, at the permanent place of business or
registered office, as the case may be, books of all his or its transactions in relation to any
payment service which the person provides.
(4)
A licensee must inform the Authority of any change in address of its place of business
or registered office in Singapore, as the case may be, within 7 days of such change.
(5)
A licensee must not carry on business in providing money-changing services or cross
border money transfer services at any additional place of business other than the licensee’s
place of business referred to in subsection (1) except with the approval of the Authority.
(6)
A licensee which intends to commence business in providing money-changing services
or cross border money transfer services at any additional place of business must, prior to
commencing such business at the additional place of business, apply in writing to the Authority
for approval, and the Authority may approve the additional place of business subject to such
conditions as it thinks fit.
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(7)
The Authority may revoke its approval granted under subsection (6) if the licensee
breaches any of the conditions imposed on the licensee under that subsection.
(8)
The Authority may at any time add to, vary or revoke any condition imposed under this
section.
(9)
Any licensee who contravenes subsection (2) or (5) shall be guilty of an offence and
shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing
offence, to a further fine of $10,000 for every day or part thereof during which the offence
continues after conviction.
(10)
Where a licensee fails to notify the Authority within the time period specified in
subsection (4) of any change in the address of the licensee’s place of business or registered
office in Singapore, as the case may be, the Authority may impose a late notification fee not
exceeding $50 for every day or part thereof that a notification is late, subject to a maximum of
$1,500.
Obligation of licensee to notify Authority of certain events
16.—(1) A licensee must notify the Authority as soon as practicable after the occurrence
of any of the following events:
(a)
any civil or criminal proceeding instituted against the licensee, whether in
Singapore or elsewhere;
(b)
an event (including an irregularity in any operations of the licensee) that materially
impedes or impairs the operations of the licensee;
(c)
the licensee is becoming, or is likely to become, insolvent or unable to meet any of
its financial, statutory, contractual or other obligations;
(d)
any disciplinary action taken against the licensee by any regulatory authority,
whether in Singapore or elsewhere, other than the Authority;
(e)
any significant change to the regulatory requirements imposed on the licensee by
any regulatory authority, whether in Singapore or elsewhere, other than the
Authority;
(f)
any other event that the Authority may prescribe or specify by notice in writing
from time to time.
(2)
Subject to subsection (1), a licensee must notify the Authority within 14 days after the
occurrence of any of the following events:
(a)
any change of any of its executive officers other than a director or the chief
executive officer of the licensee;
(b)
any other event that the Authority may prescribe or specify by notice in writing
from time to time.
(3)
Any person that contravenes subsection (1) or (2) shall be guilty of an offence and shall
be liable on conviction to a fine not exceeding $250,000.
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