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must ensure that any relevant moneys are —
(i)
covered by an undertaking from any full bank and that the bank is to be fully liable
to the customer for such moneys;
(ii)
covered by a guarantee by any full bank;
(iii)
deposited in a trust account with any full bank no later than the next business day
following the day on which the major payment institution receives such moneys;
(iv)
deposited in a trust account with an authorised custodian prescribed or specified by
the Authority no later than the next business day following the day on which the
major payment institution receives such moneys; or
(v)
invested in any secure, liquid, and low risk assets as the Authority may prescribe,
no later than the next business day following the day on which the major payment
institution receives such moneys and the assets deposited in a trust account with an
authorised custodian prescribed or specified by the Authority.
(2)
Where the major payment institution safeguards the relevant moneys in accordance
with subsection (1)(iii), (1)(iv) or (1)(v), the major payment institution must record and
maintain a separate book entry for each customer in relation to that customer’s moneys or
assets.
(3)
Where the major payment institution safeguards the relevant moneys in accordance
with subsection (1)(ii), the major payment institution must ensure that the proceeds of any such
guarantee are payable upon insolvency of the major payment institution into a separate account
held by the major payment institution which must —
(a)
be designated in such a way to show that it is an account which is held for the
purpose of safeguarding the relevant moneys in accordance with this section; and
(b)
be used only for holding such proceeds on trust for the customers who had provided
the relevant moneys to the major payment institution.
(4)
All moneys and assets deposited in the accounts referred to in subsection (1)(iii),
(1)(iv), (1)(v) and (3) —
(a)
shall not be available for payment of the debts of the major payment institution;
and
(b)
shall not be liable to be paid or taken in execution under an order or a process of
any court.
(5)
A major payment institution may safeguard any relevant moneys using one or more of
the options in subsection (1)(i) to (1)(v).
(6)
A major payment institution must notify the Authority in such form or manner as may
be specified —
(a)
the option referred to in subsection (1) which the major payment institution has
chosen to safeguard the relevant moneys;
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(b)
where the relevant moneys are safeguarded in accordance with subsection (1)(i),
(1)(ii) or (1)(iii), the name of the full bank providing the undertaking, guarantee or
holding the trust account as the case may be; and
(c)
any change to the option referred to in paragraph (a).
(7)
The Authority may prescribe that this section applies to any licensee or class of
licensees other than a major payment institution.
(8)
Any major payment institution that contravenes subsection (1) or (6) 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.
(9)
In this section —
“full bank” means any bank holding a licence granted by the Authority under the Banking
Act (Cap. 19) which permits the bank to carry on the full range of banking business;
“relevant moneys” —
(a)
in relation to subsections (1)(a), (b) or (c) mean moneys received by a major
payment institution from its customers for the provision of one or more of the
payment services in subsections (1)(a), (b) or (c) and which the major payment
institution still holds at the end of each business day;
(b)
in relation to subsection 1(d) means the moneys received by a major payment
institution from persons, who have an agreement with the major payment institution
to be treated as resident in Singapore, in exchange for e-money issued by the major
payment institution and which the major payment institution still holds at the end
of each business day.
Restrictions on personal accounts which store e-money
24.—(1) A major payment institution carrying on business in providing account issuance
services must not —
(a)
issue a personal account to an individual which stores e-money in excess of $5,000
per account; and
(b)
allow the payment service user of a personal account to transfer e-money out from
his personal account (other than a transfer to a personal deposit account) where the
transfer would cause the aggregate amount of transfers for the one year period up
to and including the day of the proposed transfer to exceed $30,000.
(2)
The Authority may by order published in the Gazette vary the amount of e-money
specified in subsection (1)(a) or (1)(b).
(3)
Any major payment institution that contravenes subsection (1) 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
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