Regulations for Money-Changing or Remittance Business in Singapore

Application for Money-Changing or Remittance Business License

The Money-Changing and Remittance Businesses Act of 1979 (MCRBA) mandates a valid money-changer’s license or remittance license for a person who wants to carry on or advertise that he/she carries on money-changing or remittance business in Singapore. Any person who violates this requirement shall be guilty of an offence and shall be subject to fines or imprisonment. The application must be submitted by the entity applying for money-changing or remittance business license in the form prescribed by the Monetary Authority of Singapore (MAS).

Factors for consideration for grant of application by MAS

The following factors are taken into consideration by the MAS for grant of application for money-changer’s license or remittance license.

• 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
• 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 in previous years
• Whether the public interest will be served by granting of the license
• The qualification and experience of the applicant, particularly in operating a money- changing or remittance business and in the area of anti-money laundering and countering the financing of terrorism (AML/CFT)
• The fitness and propriety of the applicant

We advise and guide financial institutions such as fund managers, financial advisers, insurance brokers, trust managers and payment services providers on the respective licensing requirements to ensure a smooth application process.

Application fees

As per the Money-Changing and Remittance Business Regulations, (MCRBR) application fees must be paid to MAS for grant and renewal of License

• In respect of an application for the grant of a money-changer’s license, $200;
• In respect of an application for the renewal of a money-changer’s license, $100.
• In respect of an application for the grant of a remittance license, $500;
• In respect of an application for the renewal of a remittance license, $250