Regulatory Alerts2003-06-30
Added
Setting Up of Additional Outlets to Provide Remittance and Money-Changing Services
The Monetary Authority of Singapore issued this circular to clarify the regulatory framework for banks seeking to establish additional outlets dedicated solely to remittance and money-changing services. Banks must apply for approval under section 12 of the Banking Act, where the Monetary Authority of Singapore may impose conditions such as restricting accounts to outward remittances. Approved outlets are classified as limited purpose branches, allowing banks to exceed existing place-of-business restrictions while adhering to licence fees specified in the Banking (Licence Fees) Notification.