When assessing an application for a money-changer's licence, MAS takes into consideration factors such as
- Character of the applicant; or in the case of a company, partnership or limited liability partnership, the general character of its management.
- 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.
- Ownership and shareholding structure.
- Qualifications and experience, particularly in operating a money-changing business and in anti-money laundering and countering the financing of terrorism (AML/CFT).
- Fitness and propriety.
- Business plan and model, including AML/CFT policies and procedures.
- Whether the public interest will be served by granting a licence.
Note: MAS considers each application on its own merits and may take into account other factors on a case-by-case basis.
Who Can Apply
The individual applicant, partners or directors of a company applying should have:
- Qualifications higher than or equal to at least 4 GCE 'O' Level credit passes .
- A minimum of 1 year's relevant working or business experience on a full-time basis.
They will also need to meet the following governance requirements:
For sole proprietors, the applicant must be a Singapore citizen.
Partnership or Limited Liability Partnership (LLP)
The majority of its partners should be Singapore citizens. If there are only two partners, only one needs to be a Singapore citizen.
At least 51% of the equity shareholdings should be beneficially owned and effectively controlled by Singapore citizens.
A majority of the board of directors of the company should be Singapore citizens. If there are only two directors, only one of the directors needs to be a Singapore citizen.
For a Singapore incorporated wholly-owned subsidiary of a foreign bank, or a foreign company primarily engaged in money-changing, the parent company needs to:
- Be of significant size. In case of a foreign bank, it needs to ranks among the top banks in the country where it is incorporated.
- Possess a good track record and reputation.
- Is adequately regulated and supervised by its home supervisory authority for AML/CFT.
How to Apply
If an application fee is required, MAS will send you an advice.
Paying the Application Fee
When making payment:
- In the payment details or transaction description field, include the appropriate suffix “MC” for money changers followed by your business e.g. MC <UEN number>.
- Provide us with a copy of the payment advice.
The fees are as follows:
|Ways to pay||
|Supporting documents for payment||Account transfer slip or payment advice|
- MAS must receive the full amount. You will bear all costs including bank charges and any other transaction costs.
- Application fees paid are non-refundable, even if the application is subsequently withdrawn.
All applications will be processed promptly. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of information submitted.