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Obligation of licensee to provide information to Authority
17.—(1) Subject to subsection (4), the Authority may, by notice in writing, require any
licensee or any person acting on behalf of a licensee to provide to the Authority all such
information relating to its business of providing payment services within such period as the
Authority may specify in the notice.
(2)
Without affecting the generality of subsection (1), the Authority may in the notice
issued under that subsection require any person mentioned in subsection (1) to provide —
(a)
information relating to —
(i)
the operations of the licensee; and
(ii)
the pricing of, or other form of consideration for, the payment services
offered by the licensee; and
(b)
such other information as the Authority may require for the purposes of this Act.
(3)
Subject to subsection (4) —
(a)
a requirement imposed by the Authority under this section has effect despite any
obligation as to secrecy or other restrictions upon the disclosure of information
imposed by any rule of law or contract; and
(b)
a person that complies with a requirement imposed by the Authority under this
section is not to be treated as being in breach of any restriction on the disclosure of
the information imposed by any rule of law or contract.
(4)
Nothing in this section requires a person to disclose any information subject to legal
privilege.
(5)
Any person that fails to comply with a notice issued under subsection (1) shall be guilty
of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for
a term not exceeding 1 year or to both and, in the case of a continuing offence, to
a further fine not exceeding $1,250 for every day or part of a day during which the
offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $25,000 and, in the case of a continuing
offence, to a further fine not exceeding $2,500 for every day or part of a day during
which the offence continues after conviction.
Obligation of licensee to submit periodic reports
18.—(1) A licensee must submit to the Authority such reports or returns relating to its
business in such form, manner and frequency as the Authority may specify by notice in writing.
(2)
Any person that contravenes subsection (1) shall be guilty of an offence and shall be
liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence,
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to a further fine not exceeding $10,000 for every day or part of a day during which the offence
continues after conviction.
Prohibition against use of unregulated agents
19.—(1) A licensee must not provide any type of payment service in Singapore through
an agent unless the agent is a licensee in respect of that type of payment service.
(2)
Any licensee that contravenes subsection (1) shall be guilty of an offence and shall be
liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence,
to a further fine not exceeding $10,000 for every day or part of a day during which the offence
continues after conviction.
Prohibition against withdrawals of currency from payment accounts which store e-money
20.—(1) Subject to subsection (2), a licensee carrying on business in providing account
issuance services must not allow the withdrawal of any currency from the payment account
which it issues and which stores e-money.
(2)
A licensee carrying on business in providing money-changing services or cross border
money transfer services may allow the withdrawal of currency from the payment account which
it issues and which stores e-money if —
(a)
the payment account is used solely for money-changing services or cross border
money transfer services, as the case may be; and
(b)
each withdrawal of currency from the payment account is solely for the purpose of
the execution of a transaction in respect of money-changing services or cross
border money transfer services, as the case may be, by the licensee.
(3)
Any licensee that contravenes subsection (1) or (2) shall be guilty of an offence and
shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing
offence, to a further fine not exceeding $25,000 for every day or part of a day during which the
offence continues after conviction.
Disapplication of section 14 of the Currency Act
21. Section 14 of the Currency Act (Cap. 69) shall not apply to the issue of e-money.
Subdivision (2) – Major payment institutions
Security
22.—(1) Every major payment institution must maintain with the Authority security of the
value of $100,000, or such other amount as may be prescribed, for the due performance of its
obligations to a payment service user who is a customer of the major payment institution.
(2)
The security referred to in subsection (1) must be —
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(a)
in the form of a cash deposit;
(b)
in the form of a bank guarantee specified by the Authority; or
(c)
in such other form as the Authority may, in any particular case, allow.
(3)
Where a major payment institution has surrendered its licence, or its licence has lapsed
or has been revoked, it shall be lawful for the Authority to enforce the securit y referred to in
subsection (1) to the extent required to pay any sums outstanding and claimed by payment
service users who are the customers of the major payment institution.
(4)
To avoid doubt, where the security referred to in subsection (1) is provided in the form
of a bank guarantee, it shall be lawful for the Authority to call on the bank guarantee for the
purposes of subsection (3) notwithstanding that a closure certificate required under subsection
(7) has not been submitted to the Authority.
(5)
Where a major payment institution has surrendered its license or its licence has lapsed
or has been revoked, the Authority must, upon being satisfied that there is no outstanding claim
by any payment service user who is the customer of the major payment institution and upon
receiving the closure certificate required under subsection (7), release the security or the
remainder thereof, as the case may be, to the major payment institution.
(6)
Any security furnished by a major payment institution under this section shall not be
liable to be attached, sequestered or levied upon for or in respect of any debt or claim
whatsoever, and if the major payment institution is declared insolvent or is wound up by an
order of the court, the security shall be deemed not to form part of the property of the major
payment institution.
(7)
A major payment institution must within 45 days, or such longer period as the Authority
may allow, of the date on which its licence has been surrendered, lapsed or revoked, submit to
the Authority a closure certificate issued by its auditors confirming that –
(a)
all moneys received from the payment service users who are the customers of the
major payment institution have been received by the intended recipients of such
moneys; and
(b)
adequate provision has been made to meet any unforeseen liabilities in respect of
the major payment institution’s business.
Safeguarding of moneys received from customers
23.—(1) A major payment institution who carries on business in any of the following:
(a)
providing domestic money transfer services;
(b)
providing cross border money transfer services;
(c)
providing merchant acquisition services;
(d)
e-money issuance; or
(e)
any other payment service as may be prescribed;
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