Money-Changer's Licence

Admission Criteria
1 In considering an application for a money-changer's licence, MAS takes into consideration the following factors (which are inclusive and not exhaustive):

(a) the character of the applicant or, in the case where the applicant is a company, partnership or limited liability partnership, the general character of its management;

(b) the financial condition of the applicant, and in the case where the applicant is a company, partnership or limited liability partnership, its track record and financial performance in previous years;

(c) the ownership and shareholding structure of the applicant. In this connection :- 

    (i) where the applicant for a money-changer's licence is a :- 

        (A) sole proprietor, he should be a Singapore citizen; 
        (B) partnership or limited liability partnership, the majority of its partners should be Singapore citizens, except in the case where the partnership or limited liability partnership comprises only of two partners, only one of the partners need be a Singapore citizen; 

    (ii) where the applicant for a money-changer's licence is a company, at least 51% of the equity shareholdings should be beneficially owned and effectively controlled by persons who are Singapore citizens. A majority of the board of directors of the company should be Singapore citizens, except in the case where the board comprises only of two directors, only one of the directors need be a Singapore citizen; 

    (iii) where the applicant for a money-changer's licence is a Singapore incorporated wholly-owned subsidiary of a foreign bank, or a foreign company primarily engaged in money-changing, whether the parent company of the applicant :- 

        (A) is of significant size; or in case of a foreign bank, ranks among the top banks in the country in which it is incorporated; 
        (B) possesses a good track record and reputation; and 
        (C) is adequately regulated and supervised by its home supervisory authority for anti-money laundering (AML) and countering the financing of terrorism (CFT);

(d) the qualification and experience of the applicant, particularly in operating a money-changing business and in the area of anti-money laundering and countering the financing of terrorism (AML/CFT). In this connection :- 

    (i) where a new applicant is an individual, the applicant should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes and have a minimum of 1 year's relevant working or business experience on a full time basis; 

    (ii) where a new applicant is a company, the individual directors of the applicant should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes and have a minimum of 1 year's relevant working or business experience on a full time basis; 

    (iii) where a new applicant is a partnership or limited liability partnership, the individual partners of the applicant should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes and have a minimum of 1 year's relevant working or business experience on a full time basis.

(e) the fitness and propriety. In this connection, the applicant should satisfy MAS that he/she is a fit and proper person to be licensed. Where the applicant is a partnership or limited liability partnership, the applicant should satisfy MAS that its partners are fit and proper persons and where the applicant is a corporation, the applicant should satisfy MAS that its substantial shareholders and directors are fit and proper persons;

(f) the business plan and model of the applicant including the applicant's AML/CFT policies and procedures; and

(g) whether the public interest will be served by the granting of a licence.

2 Without prejudice to the factors set out above, MAS may consider each application on its own merits and take into account other factors as may be appropriate on a case-by-case basis.

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Applying for a Licence 
1 Prospective applicants should read the admission criteria carefully and refer to the Money-changing and Remittance Businesses Act (Cap 187) and the Money-Changing and Remittance Businesses Regulations 2005 for more information on the requirements imposed on licensees.

2 The application form for a money-changer’s licence can be downloaded from the link provided below.  

Applicable Fees
1 The licence and application fees are shown below:

 

Money-changer's Licence

Application Fee

 

- New Application

$200

Licence Fee

 

- First Place of Business

 $1300

- Each Additional Place of Business

$1000

 
2 For new applications, the application fee is payable only upon advice, after the application has been received by MAS. You may effect payment via the 2 options below.

Payment Modes

Supporting Documents

Option A – Giro Direct Credit/ Internet fund transfer

Account transfer slip / payment advice

Option B – Account Transfer over the Bank Counters

Account transfer slip / payment advice

 
3 Please include the appropriate suffix “MC” for money changers followed by the business UEN number in the payment details/ transaction description field when making payment and provide us a copy of the payment advice. You may wish to note that the full amount must be received by MAS and that you will bear all costs including bank charges and any other transaction costs. Please note that application fees paid are non-refundable, even if the application is subsequently withdrawn.

Last Modified on 18/07/2018