Money-Changing and Remittance Businesses

Money-changing and remittance businesses are licensed and governed under the Money-Changing and Remittance Businesses Act.

Money-changing involves the buying and selling of foreign currency notes and may be conducted under a sole proprietorship, partnership or company.  The money-changing licensees are expected to put in place an appropriate system, including the reporting of suspicious transactions, to help prevent money laundering and terrorist financing. They are required to keep complete records of all their transactions and perform relevant customer due diligence measures for transaction amounts of S$5,000 and above.

The holder of a remittance licence has to be incorporated as a company with a minimum capital of S$100,000 and furnish a security deposit of S$100,000 in respect of its place of business. With the different remittance channels including banks, offering remittance services, customers are expected to exercise discretion in choosing their remittance channel for the transmission of funds overseas.  Besides putting in place an effective system, including the reporting of suspicious transactions, to help prevent money laundering and terrorist financing, the remittance licensees are required to maintain complete records of all their transactions and perform relevant customer due diligence measures for every remittance transaction.

MAS supervises the money-changing and remittance licensees primarily for anti-money laundering and countering the financing of terrorism purposes.

For the latest list and number of money-changing and remittance licensees in Singapore, please refer to the Financial Institutions Directory.

If you have information to suspect that an individual or a company is conducting or advertising to conduct money-changing or remittance business without a valid money-changer’s or  remittance licence respectively, you can call (65)-6225-5577 or write to the Technology Risk and Payments Department of MAS at webmaster@mas.gov.sg or Monetary Authority of Singapore, MAS Building, 10 Shenton Way, Singapore 079117.

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Date Title
27 Oct 2005 Form and Content of Auditor's Report under Regulation 6(1), Money-changing and Remittance Businesses Regulations 2005Subsidiary Legislation
02 Nov 2005 Money-changing and Remittance Businesses (Exemption from Sections 12 and 13) NotificationSubsidiary Legislation
02 Nov 2005 Money-changing and Remittance Businesses RegulationsSubsidiary Legislation
02 Dec 2005 Notice 3202 Transmission of Moneys (for Remittance Licensees only) Notices
02 Dec 2005 Notice 3003 Submission of Statement of Transactions and Profit/Loss (for both Money-Changing & Remittance Licensees)Notices
02 Dec 2005 Notice 3002 Record of Transactions (for both Money-Changing & Remittance Licensees)Notices
02 Dec 2005 Notice 3004 Issuing of Receipts (for both Money-Changing & Remittance Licensees)Notices
02 Dec 2005 Notice 3101 Exchange Rates (for Money-Changing Licensees only)Notices
02 Dec 2005 Notice 3201 Display of Cautionary Statement at Place of Business (for Remittance Licensees only)Notices
08 Sep 2006 Money-changing and Remittance Businesses (Exemption from Section 13) NotificationSubsidiary Legislation
01 Dec 2009 Guidelines to MAS Notice 3001 (December 2009)Guidelines
07 Aug 2012 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Guidelines
23 Jan 2013 Notice 3005 Reporting of Suspicious Activities & Incidents of Fraud (for both Money-Changing & Remittance Licensees)Notices
21 Jun 2013 Notice 3203 Technology Risk ManagementNotices
01 Jul 2014 Notice 3001 Prevention of Money Laundering and Countering the Financing of Terrorism (for both Money-Changing & Remittance Licensees) (July 2014)Notices

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Last Modified on 20/09/2017