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continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during
which the offence continues after conviction.
Variation of licence
8.—(1) A licensee may apply to the Authority, in such form and manner as may be
prescribed, to vary its licence —
(a)
by adding or removing one or more types of payment service authorised to be
provided by its licence;
(b)
from a money-changing licence to a standard payment institution licence;
(c)
from a money-changing licence to a major payment institution licence;
(d)
from a standard payment institution licence to a money-changing licence;
(e)
from a standard payment institution licence to a major payment institution licence;
(f)
from a major payment institution licence to a money-changing licence or
(g)
from a major payment institution licence to a standard payment institution licence.
(2)
The Authority may require an applicant to furnish it with such information or
documents as it considers necessary in relation to the application.
(3)
An application under subsection (1) must be accompanied by a non-refundable
application fee of such amount as may be prescribed, which shall be paid in the manner
specified by the Authority.
(4)
The Authority may approve an application under subsection (1) subject to such
conditions or restrictions as the Authority thinks fit, or may refuse the application.
(5)
The Authority must not refuse an application under subsection (1) without giving the
applicant an opportunity to be heard.
Holding out as licensee, etc.
9.—(1) No person shall —
(a)
hold himself out as carrying on business in providing any type of payment service
unless he is a licensee or a person exempt under section 102 in respect of that type
of payment service or an exempt person; or
(b)
hold himself out as a licensee unless he is licensed under section 7.
(2)
Any person that contravenes this section shall be guilty of an offence and shall be liable
on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment
for a term not exceeding 3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day or part of a day during which
the offence continues after conviction; or
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(b)
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing
offence, to a further fine not exceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
Prohibition against solicitation
10.—(1) A person whether in Singapore or elsewhere who is not a licensee must not,
whether by himself or through any person in Singapore, offer or invite, or issue any
advertisement containing any offer or invitation to the public or any section of the public in
Singapore to provide any type of payment service, whether in Singapore or elsewhere.
(2)
For the purposes of subsection (1), in determining whether an offer, invitation or
advertisement is made or issued to the public or any section of the public in Singapore, regard
shall be had to such considerations as the Authority may prescribe.
(3)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be
liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment
for a term not exceeding 3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day or part thereof during which
the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing
offence, to a further fine not exceeding $25,000 for every day or part thereof during
which the offence continues after conviction.
(4)
Any person in Singapore must not, on behalf of a person outside Singapore who is not
a licensee, offer or invite, or issue any advertisement containing any offer or invitation to, the
public or any section of the public in Singapore to provide any type of payment service, whether
in Singapore or elsewhere.
(5)
Any person who contravenes sub-section (4) shall be guilty of an offence and shall be
liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment
for a term not exceeding 3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day or part thereof during which
the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing
offence, to a further fine not exceeding $25,000 for every day or part thereof during
which the offence continues after conviction.
(6)
A person whose business it is to publish or to arrange for the publication of
advertisements shall not be guilty of an offence under subsection (3) or (5) if he proves that —
(a)
he received the advertisement for publication in the ordinary course of his business;
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