Money-Changer's Licence and Remittance Licence
Licensing Requirements
1 Separate licences are required to operate a money-changing business and a remittance business. In considering an application for a money-changer's licence or a remittance licence, MAS takes into consideration the following factors (which are inclusive and not exhaustive):
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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;
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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 for previous years;
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the ownership and shareholding structure of the applicant. In this connection :-
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(i) |
where the applicant for a money-changer's licence is a :-
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(A) |
sole proprietor, he should be a Singapore citizen;
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(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; |
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(ii) |
where the applicant for a money-changer's licence or remittance 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;
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(iii) |
where the applicant for a money-changer's licence or remittance licence is a Singapore incorporated wholly-owned subsidiary of a foreign bank, or a foreign company primarily engaged in money-changing or remittance business, whether the parent company of the applicant :-
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(A) |
is of significant size and has a wide international network; or in case of a foreign bank, ranks among the top banks in the country in which it is incorporated and there are a large number of nationals from its country working in Singapore;
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(B) |
possesses a good track record and reputation; and
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(C) |
is adequately regulated and supervised by its home supervisory authority for anti-money laundering (AML) and countering the financing of terrorism (CFT);
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the qualification and experience of the applicant. In this connection :-
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(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;
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(ii) |
where a new applicant is a company, the 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;
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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.
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the fitness and propriety. In this connection, the applicant should satisfy MAS that it 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;
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the business plan and model of the applicant including compliance with AML and CFT standards; and
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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.
Applicable Fees
1 The licence and application fees are shown below:
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Money-changer's Licence
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Remittance Licence
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Licence Fee
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$1,300
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$4,000
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- Each additional place of business
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$1,000
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$1,000
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| Application Fee |
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$200
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$500
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$100
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$250
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2 For new applications, the application fees are payable at the point of submitting the application. Payment may be made via cashier's order or crossed cheque made out to the Monetary Authority of Singapore and should not be post-dated. Please note that application fees paid are non-refundable, regardless of the outcome of the application.
Application Procedures
1 Prospective applicants are encouraged to read the admission guidelines 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 licensing requirements. Prior to submitting an application, applicants may contact the Banking Supervision Department of MAS (bd@mas.gov.sg) to discuss the licensing requirements and to identify issues that may have a significant bearing on the proposed application.
2 Applications for a money-changer's licence and remittance licence shall be made by way of application forms obtainable from the Ground Floor, Monetary Authority of Singapore, MAS Building, 10 Shenton Way, Singapore 079117. The forms can also be downloaded from the links provided below:
Application for Money-changer's Licence (PDF, 37.1KB)
Application for Remittance Licence (PDF, 36.5KB)
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