Money-Changing and Remittance Businesses

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

Money-changing involves the buying and selling of foreign currency notes and may be conducted as a sole proprietorship, partnership or company. Remittance business involves the acceptance of moneys for the purpose of transmitting them to persons resident in another country or a territory outside Singapore. 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 each place of business.

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, you may:

- lodge a police report at the nearest police station or online via http://www.police.gov.sg/epc; or

- write to the Commercial Affairs Department at:

   391 New Bridge Road #06-701
   Police Cantonment Complex Block D
   Singapore 088762

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Date Title
21 Jun 2013 Notice 3203 Technology Risk ManagementNotices
02 Dec 2005 Notice 3202 Transmission of Moneys (for Remittance Licensees only) Notices
02 Dec 2005 Notice 3201 Display of Cautionary Statement at Place of Business (for Remittance Licensees only)Notices
02 Dec 2005 Notice 3101 Exchange Rates (for Money-Changing Licensees only)Notices
23 Jan 2013 Notice 3005 Reporting of Suspicious Activities & Incidents of Fraud (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 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
01 Jul 2014 Notice 3001 Prevention of Money Laundering and Countering the Financing of Terrorism (for both Money-Changing & Remittance Licensees) (July 2014)Notices
02 Nov 2005 Money-changing and Remittance Businesses RegulationsSubsidiary Legislation
02 Nov 2005 Money-changing and Remittance Businesses (Exemption from Sections 12 and 13) NotificationSubsidiary Legislation
08 Sep 2006 Money-changing and Remittance Businesses (Exemption from Section 13) NotificationSubsidiary Legislation
30 Nov 2015 MAS Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer's Licence and Remittance Licence Notices
30 Nov 2015 MAS Notice 3001 (Amendment) 2015Notices
30 Nov 2015 Guidelines to MAS Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer's Licence and Remittance Licence Guidelines
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
27 Oct 2005 Form and Content of Auditor's Report under Regulation 6(1), Money-changing and Remittance Businesses Regulations 2005Subsidiary Legislation
23 Jul 2018 Notice 3101 Exchange Rates (for Money-Changing Licensees only) (July 2018)Notices

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Last Modified on 20/08/2018