PSN04A Notice on Submission of Statement of Transactions and Profit/Loss

1 MAS Notice No.: PSN04A Notice to licensees Payment Services Act 2019 (Act 2 of 2019) Issue Date: 5 December 2019 NOTICE ON SUBMISSION OF STATEMENT OF TRANSACTIONS AND PROFIT/LOSS Introduction

1. This Notice is issued pursuant to section 102(1) of the Payment Services Act 2019 (the “Act”) for the purposes of section 17(1) of the Act and applies to any licensee. Definitions
2. In this Notice— “former money-changer’s licence holder” means a person that, immediately before 28 January 2020, was a holder of a money-changer’s licence; “former remittance licence holder” means a person that, immediately before 28 January 2020, was a holder of a remittance licence; “inward remittance business” means the business of accepting moneys from persons in another country or a territory outside Singapore for the purpose of transmitting such moneys to persons resident in Singapore; “MAS Notice 3003” means the notice commonly known as MAS Notice 3003 Submission of Statement of Transactions and Profit/Loss dated 2 December 2005 in force immediately before 28 January 2020; “money-changer’s licence” and “remittance licence” have the meanings given by section 121 of the Act; “money-changing business” means the business of buying or selling foreign currency notes; and

2 “remittance business” means the business of accepting moneys for the purpose of transmitting them to persons resident in another country or a territory outside Singapore. 3. The expressions used in this Notice shall, except where defined in this Notice or where the context otherwise requires, have the same meanings as in the Act. Submission of statements 4. A licensee that— (a) is a former money-changer’s licence holder, must submit a statement of the transactions and profit/loss in the format set out in the Appendix A, in respect of all money-changing business it conducted for the period from 1 January 2019 to 31 December2019, no later than 30 days after 31 December 2019; (b) is a former money-changer’s licence holder and is licensed to carry on a business of providing a money-changing service, must submit a statement of the transactions and profit/loss in the format set out in the Appendix B, in respect of— (i) all money-changing business it conducted for the period from 1 January 2020 to 28 January 2020; and (ii) all money-changing services it provides for the period from 28 January 2020 to 31 December 2020, no later than 30 days after 31 December 2020; (c) is a former remittance licence holder, must submit a statement of the transactions and profit/loss in the format set out in the Appendix A, in respect of all remittance business or inward remittance business it conducted, for the period from 1 October 2019 to 31 December 2019, no later than 30 days after 31 December 2019; (d) is a former remittance licence holder and is licensed to carry on a business of providing a cross-border money transfer services, must submit a statement of the transactions and profit/loss in the format set out in the Appendix B, in respect of— (i) all remittance business or inward remittance business it conducted, for the period from 1 January 2020 to 28 January 2020; and (ii) all cross-border money transfer services it provides, for the period from 28 January 2020 to 31 March 2020, no later than 30 days after 31 March 2020.

3 (e) is a former remittance licence holder and is licensed to carry on a business of providing a cross-border money transfer services, must submit a statement of the transactions and profit/loss in the format set out in the Appendix B, in respect of all cross-border money transfer services it provides, for the following periods— (i) 1 April 2020 to 30 June 2020; (ii) 1 July 2020 to 30 September 2020; and (iii) 1 October 2020 to 31 December 2020, no later than 30 days after the end of each of those periods. 5. Paragraphs 4(a) and 4(c) do not apply to a licensee that has submitted a statement in accordance with paragraph 2 and 3 of MAS Notice 3003 before 28 January 2020. Effective Date 6. This Notice shall take effect on 28 January 2020.

4 Appendix A THE MONETARY AUTHORITY OF SINGAPORE PAYMENT SERVICES ACT 2019 SECTIONS 17 and 102(1) STATEMENT OF TRANSACTIONS AND PROFIT/LOSS ( Name of Licensee )

For the Period ( Start Date ) to ( End Date ) Part I - Money-changing Transactions Foreign Currencies Purchase Sale A Purchase from/sale to (A)=(1)+(2) (A)=(1)+(2) 1 In the case of (1)=(a)+(b) (1)=(a)+(b) (a) Other money-changers outside Singapore (a) (a) (b) other former money-changer’s licence holders in Singapore (b) (b) 2 In other cases (2)=(a)+(b) (2)=(a)+(b) (a) individual persons (a) (a) (b) other persons1 (b) (b) Part II – Remittance Transactions/ Inward Remittance Transactions For Remittances For Inward Remittances A Funds accepted (A)=(1)+(2) (A)=(1) 1 From persons resident outside Singapore (1)=(a)+(b) (1)=(a)+(b) (a) In the case of other remittance agents (a) (a) (b) In other cases (b)=(i)+(ii) (b)=(i)+(ii) (i) individual persons (i) (i) (ii) other persons1 (ii) (ii)

2 From persons resident in Singapore (2)=(a)+(b) (a) In the case of other former remittance licence holders (a) (b) In other cases (b)=(i)+(ii) (i) individual persons (i) (ii) other persons1 (ii)

1 “Person” as defined under section 2(1) of the Interpretation Act (Cap. 1) includes any company or association or body of persons, corporate or unincorporated.

5

B Funds remitted 1 To beneficiaries outside Singapore (1)=(a)+(b)+(c)+(d) Transmitted by licensee through (a) banks licensed under the Banking Act (Cap. 19) and banks in overseas jurisdictions (a) (b) Other remittance agents outside Singapore (b) (c) Other former remittance licence holders in Singapore (c) (d) Others (please specify) (d)

2 To beneficiaries in Singapore (2)=(a)+(b)+(c) Transmitted by licensee (a) Deposit into beneficiary’s bank account (a) (b) Delivery of cash/cash cheque to beneficiary (b) (c) Others (please specify) (c)

C Outstanding amount of remittances not received by beneficiaries as at end of period (C) (C)

D Number of customers for the period (D) (D)

6 Part III - Profit/Loss of Money-changing / Inward Remittance / Remittance Operations

A Profit/loss for the period (A)=(1)-(2) 1 Income (1)=(a)+(b)+(c) (a) Commission & fees earned (a) (b) Foreign exchange gain / loss (b) (c) Other income (c)

2 Expenditure (2)=(a)+(b)+(c) (a) Commission & fees paid (a) (b) Staff costs (b) (c) Other expenses (c)

Authorised Signatory Signature Stamp of Licensee Date

7 Appendix B THE MONETARY AUTHORITY OF SINGAPORE PAYMENT SERVICES ACT 2019 SECTIONS 17 and 102(1) STATEMENT OF TRANSACTIONS AND PROFIT/LOSS ( Name of Licensee )

For the Period ( Start Date ) to ( End Date ) Part I - Money-changing Transactions Foreign Currencies Purchase Sale A Purchase from/sale to (A)=(1)+(2) (A)=(1)+(2) 1 In the case of (1)=(a)+(b) (1)=(a)+(b) (a) Other money-changers outside Singapore (a) (a) (b) other former money-changer’s licence holders or licensees entitled to provide money-changing services, in Singapore. (b) (b) 2 In other cases (2)=(a)+(b) (2)=(a)+(b) (a) individual persons (a) (a) (b) other persons2 (b) (b) Part II – Remittance Transactions/ Inward Remittance Transactions/ Cross-Border Money Transfer Services For remittances or cross-border money transfer service described in paragraph (a) of the definition of “cross-border money transfer service” For inward remittances or cross-border money transfer service described in paragraph (b) of the definition of “cross-border money transfer service” A Funds accepted (A)=(1)+(2) (A)=(1) 1 From persons resident outside Singapore (1)=(a)+(b) (1)=(a)+(b) (a) In the case of other remittance agents (a) (a) (b) In other cases (b)=(i)+(ii) (b)=(i)+(ii)

2 “Person” as defined under section 2(1) of the Interpretation Act (Cap. 1) includes any company or association or body of persons, corporate or unincorporated.

8 (i) individual persons (i) (i) (ii) other persons1 (ii) (ii)

2 From persons resident in Singapore (2)=(a)+(b) (a) In the case of other former remittance licence holders or licensees entitled to provide cross-border money transfer services (a) (b) In other cases (b)=(i)+(ii) (i) individual persons (i) (ii) other persons (ii)

B Funds remitted 1 To beneficiaries outside Singapore (1)=(a)+(b)+(c)+(d) Transmitted by licensee through (a) banks licensed under the Banking Act (Cap. 19) and banks in overseas jurisdictions (a) (b) Other remittance agents outside Singapore (b) (c) Other former remittance licence holders or licensees entitled to provide cross-border money transfer services , in Singapore (c) (d) Others (please specify) (d)

2 To beneficiaries in Singapore (2)=(a)+(b)+(c) Transmitted by licensee (a) Deposit into beneficiary’s bank account (a) (b) Delivery of cash/cash cheque to beneficiary (b) (c) Others (please specify) (c)

C Outstanding amount of remittances or monies received for the purpose of providing cross￾border money transfer services described in paragraph (a) of the definition of “cross-border money transfer service” not received by beneficiaries as at end of period (C) (C)

D Number of customers for the period (D) (D)

9 Part III - Profit/Loss of Money-changing/ Inward Remittance/ Remittance Operations/ Cross-border Money Transfer Services

A Profit/loss for the period (A)=(1)-(2) 1 Income (1)=(a)+(b)+(c) (a) Commission & fees earned (a) (b) Foreign exchange gain / loss (b) (c) Other income (c)

2 Expenditure (2)=(a)+(b)+(c) (a) Commission & fees paid (a) (b) Staff costs (b) (c) Other expenses (c)

Authorised Signatory Signature Stamp of Licensee Date