Remittance Licence

Admission Criteria
1 The applicant for a remittance licence has to be a company with a minimum capital of S$100,000. In considering an application for a remittance licence, MAS takes into consideration the following factors (which are inclusive and not exhaustive):

(a) the general character of its management;

(b) the financial condition of the applicant, its track record and financial performance in previous years;

(c) the governance structure of the applicant. In this regard:- 

    - the board of directors of the company should comprise at least one executive director who is a Singapore citizen or a Permanent Resident of Singapore; 

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

    - the individual directors of the applicant should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes; 

(e) the fitness and propriety of its substantial shareholders and directors;

(f) the business plan and model of the applicant including the applicant's AML/CFT policy 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 remittance licence can be downloaded from the link provided below.

Applicable Fees

1 The licence and application fees are shown below:  

 

Remittance Licence

Application Fee

 

- New Application

$500

Licence Fee

-

- First Place of Business

 $4000

- 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 “RB” for remittance businesses 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