Payment Services Act 2019

Sections (135)

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• § 1 — Short title and commencement

  1.—(1) This Act is the Payment Services Act 2019.(2) Section 113 comes into operation on a date that the Minister appoints by notification in the Gazette. —(1) This Act is the Payment Services Act 2019. (2) Section 113 comes into operation on a date that the Minister appoints by notification in the

• § 10 — Annual fees of licensees

  10.—(1) A licensee must pay to the Authority a prescribed annual fee in such manner as the Authority may specify by written notice.(2) The Authority may prescribe different annual fees for different classes of licensees, depending on the type and number of payment services that a licensee in such a

• § 100 — General exemption

  100.—(1) The Authority may, by regulations, exempt any of the following from all or any of the provisions of this Act, subject to such conditions as may be prescribed:(a) any person or class of persons; (b) any payment service or class of payment services; (c) any payment system or class of paymen

• § 101 — Codes, guidelines, etc., by Authority

  101.—(1) The Authority may issue, and in its discretion publish by notification in the Gazette or in any other manner the Authority considers appropriate, such codes, guidelines, policy statements, practice notes and no‑action letters as the Authority considers appropriate for providing guidance —(a

• § 102 — Power of Authority to issue written notice

  102.—(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Act, for the protection of consumers or in the interest of the public or a section of the public, for ensuring the integrity and proper management of a designated payment system, or for ensuri

• § 103 — Power of Authority to make regulations

  103.—(1) The Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act.(2) Without limiting subsection (1), the Authority may make regulations for or with respect to

• § 104 — Publication of certain information

  104.—(1) The Authority may, from time to time, prepare and publish —(a) consolidated statements aggregating any information provided under this Act; or (b) for statistical purposes, statements that relate to or are derived from any information provided under this Act in respect of —(i) a payment sy

• § 105 — Service of documents

  105.—(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section.(2) A document permitted or required by this Act to be served on an individual may be served —(a) by giving it to the individual personally; (b) by sending it by prepaid

• § 106 — Electronic service

  106.—(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person.(2) For the purposes of the electronic service, the Authority may assign to any person —(a) an authentication code; and (b) an account with

• § 107 — Amendment of Schedules

  107.—(1) The Minister may, by order in the Gazette, amend, add to or vary the First or Second Schedule.(2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient. (3) Any order made under subsection

• § 11 — Lapsing, surrender, revocation or suspension of licence

  11.—(1) A licence lapses —(a) if the licensee (being an entity) is wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) if the licensee (being an individual) dies, becomes mentally incapacitated or is adjudicated a bankrupt; or (c) upon the occurrence of such other event as may

• § 113 — Amendment of Financial Holding Companies Act 2013

  113. Section 53 of the Financial Holding Companies Act 2013 (Act 13 of 2013) is amended by deleting paragraph (f) of the definition of “prescribed written law” and substituting the following paragraph:“(f) Payment Services Act 2019;”.

• § 12 — Appeals to Minister

  12.—(1) Any person that is aggrieved —(a) by the refusal of the Authority to grant a licence to the person; or (b) by the revocation or suspension of the person’s licence by the Authority, may, within 30 days after having been informed by the Authority of the refusal, revocation or suspension, app

• § 121 — Interpretation of this Part

  121. In this Part, unless the context otherwise requires —“approved bank” and “approved holder” have the meanings given by section 2(1) of the PSOA; “MCRBA” means the Money‑changing and Remittance Businesses Act (Cap. 187, 2008 Revised Edition) as in force immediately before 28 January 2020; “mone

• § 122 — Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA

  122.—(1) Any person that, immediately before 28 January 2020, is a holder of a remittance licence, but is not also a holder of a money‑changer’s licence or an approved holder of a stored value facility —(a) is deemed to have been granted, on 28 January 2020, a major payment institution licence under

• § 123 — Saving and transitional provisions for persons granted exemptions under MCRBA or PSOA

  123.—(1) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any

• § 124 — Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA

  124.—(1) Any application for a renewal of a remittance licence or money‑changer’s licence that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant.(2) Any application for

• § 125 — Saving and transitional provisions for designated payment systems

  125.—(1) Any payment system that, immediately before 28 January 2020, is a designated payment system under section 7(1) of the PSOA is deemed, on 28 January 2020, to be a designated payment system under section 42(1).(2) Any condition or restriction to which a person is subject, immediately before 2

• § 126 — Other saving and transitional provisions

  126. For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent to the enactment of that provision as the Minister may consider necessary or expedient.

• § 13 — Exempt payment service providers

  13.—(1) Subject to subsection (8), the following persons are exempt from the requirement to have in force a licence to carry on a business of providing any payment service:(a) a bank licensed under the Banking Act 1970; (b) a merchant bank licensed under the Banking Act 1970; (c) a finance company

• § 14 — Place of business or registered office of licensee

  14.—(1) A licensee must not carry on a business of providing any type of payment service unless the licensee has —(a) a permanent place of business; or (b) a registered office in Singapore. (2) A licensee must appoint at least one person to be present, on such days and at such hours as the Authori

• § 15 — Obligation of licensee to notify Authority of certain events

  15.—(1) A licensee must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:(a) any civil or criminal proceeding instituted against the licensee, whether in Singapore or elsewhere; (b) any event (including an irregularity in the operati

• § 16 — Obligation of licensee to provide information to Authority

  16.—(1) Subject to subsection (4), the Authority may, by written notice, require any licensee, or any person acting on behalf of a licensee, to provide to the Authority, within such period as the Authority may specify in the notice, all such information relating to the licensee’s business of providi

• § 17 — Obligation of licensee to submit periodic reports

  17.—(1) A licensee must submit to the Authority such reports or returns relating to the licensee’s business in such form, manner and frequency as the Authority may specify by written notice.(2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction t

• § 18 — Prohibition against use of unlicensed agent

  18.—(1) A licensee must not provide any type of payment service in Singapore through an agent, unless —(a) the agent has in force a licence that entitles the agent to carry on a business of providing that type of payment service; or (b) the agent is an exempt payment service provider in respect of

• § 19 — Prohibition against exchanging e‑money withdrawn from payment account for Singapore currency

  19.—(1) Where any matter mentioned in subsection (2)(a), (b) or (c) applies, a licensee that carries on a business of providing any account issuance service must not do any of the following things:(a) allow any payment service user to whom the licensee has issued any payment account, or provided any

• § 2 — Interpretation

  2.—(1) In this Act, unless the context otherwise requires —“5% controller”, in relation to a corporation (being a licensee or an operator of a designated payment system), means a person that alone or together with the person’s associates —(a) has an interest in at least 5%, but less than 12%, of the

• § 20 — Prohibition from carrying on certain businesses

  20.—(1) A licensee must not carry on a business of granting any credit facility to any individual in Singapore.(2) A licensee that is entitled to and does carry on a business of providing an e‑money issuance service —(a) must not lend any customer money; and (b) must not use any customer money, or

• § 21 — Application of section 14 of Currency Act 1967

  21. Section 14 of the Currency Act 1967 does not apply to the issue of e‑money.

• § 21A — Additional requirements in respect of licensee providing digital payment token service

  21A.—(1) A licensee that provides a digital payment token service must satisfy the requirements prescribed by regulations made under section 103(1) in respect of —(a) the extent to which assets (including digital payment tokens) belonging to a customer held by the licensee may be commingled with oth

• § 22 — Security

  22.—(1) Every major payment institution must maintain with the Authority security of a prescribed amount (or its equivalent in a foreign currency), for the due performance of the obligations of the major payment institution to every payment service user who is a customer of the major payment institu

• § 23 — Safeguarding of money received from customer

  23.—(1) Subsection (2) applies to —(a) every major payment institution that carries on a business of providing any of the following payment services:(i) a domestic money transfer service; (ii) a cross‑border money transfer service; (iii) a merchant acquisition service; (b) any prescribed major pa

• § 24 — Restrictions on personal payment account that contains e‑money

  24.—(1) A major payment institution that carries on a business of providing an account issuance service must —(a) ensure that the currency equivalent of the e‑money contained in a personal payment account issued by the major payment institution to a payment service user does not exceed the prescribe

• § 25 — Powers of Authority to ensure interoperability between payment accounts and payment system

  25.—(1) The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) to do either or both of the following in order to ensure interoperability between any payment account or class

• § 26 — Powers of Authority to ensure interoperability between payment systems

  26.—(1) The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) that operates a payment system to adopt any common standard, on such terms and conditions as the Authority may

• § 27 — Application and interpretation of this Division

  27.—(1) This Division applies to —(a) every individual, whether or not resident in Singapore and whether or not a citizen of Singapore; and (b) every entity. (2) In this Division, unless the context otherwise requires, any reference to a licensee is a reference to a licensee incorporated in Singap

• § 28 — Control of shareholding in licensee

  28.—(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2).(2) The Authority may approve an application made by any person under subsection (1) if the Authority is satisfied that —(a) having regard to th

• § 29 — Objection to existing control of licensee

  29.—(1) The Authority may serve a written notice of objection on any person that is, or is required to obtain or has obtained the Authority’s approval under section 28(2) to become, a 20% controller of a licensee, if the Authority is satisfied that —(a) any condition for approval under section 28(2)

• § 3 — Application of Act

  3.—(1) Subject to subsection (2), this Act does not apply to any public authority.(2) The Minister may by order declare that a public authority is one to which this Act applies. —(1) Subject to subsection (2), this Act does not apply to any public authority. (2) The Minister may by order declare th

• § 30 — Power of Authority to issue directions for this Division

  30.—(1) If the Authority is satisfied that a person has contravened section 28(1) or (6) or has failed to comply with any condition imposed under section 28(3) or (4), or if the Authority has served a written notice of objection under section 29, the Authority may, by written notice —(a) direct the

• § 31 — Power of Authority to obtain information relating to this Division

  31.—(1) The Authority may, by written notice, direct a licensee to obtain from any of its shareholders, and to provide to the Authority, any information relating to the shareholder that the Authority may require for either or both of the following purposes:(a) ascertaining or investigating into the

• § 32 — Offences, penalties and defences

  32.—(1) A person that —(a) contravenes section 28(1) or (6) or 29(5) or does any act in contravention of section 30(2); (b) fails to comply with —(i) any written notice issued under section 30(1) or 31(1) or (3); or (ii) any condition imposed under section 28(3) or (4); or (c) in purported compli

• § 33 — Appeals to Minister

  33. Any person that is aggrieved by a decision of the Authority under section 28, 29 or 30 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.

• § 34 — Approval of chief executive officer, director or partner of licensee

  34.—(1) Subject to subsection (4) —(a) a licensee incorporated in Singapore must not appoint an individual as its chief executive officer or director; (b) a licensee incorporated outside Singapore must not appoint an individual as its chief executive officer, or its director, directly responsible f

• § 35 — Removal of chief executive officer, director or partner of licensee

  35.—(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual appointed as chief executive officer, director or partner of a licensee incorporated or formed in Singapore is not a fit and proper person to act as such chief executive officer, director or

• § 36 — Appeals to Minister

  36.—(1) A licensee incorporated or formed in Singapore that is aggrieved by a decision of the Authority under section 34(3)(b) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.(2) A licensee incorporated or formed in Singap

• § 37 — Auditing

  37.—(1) Despite the provisions of the Companies Act 1967, a licensee —(a) must, on an annual basis and at its own expense, appoint an auditor; and (b) if for any reason its auditor ceases to be its auditor, appoint another auditor as soon as practicable after such cessation. (2) The Authority may

• § 38 — Powers of auditor appointed by Authority

  38.—(1) An auditor appointed by the Authority under section 37(2) may, for the purpose of carrying out an examination or audit —(a) examine, on oath or affirmation, any officer or employee of the licensee or any other auditor of the licensee; (b) require any officer or employee of the licensee, or

• § 39 — Restriction on auditor’s and employee’s right to communicate certain matters

  39.—(1) Except as may be necessary for the carrying into effect of the provisions of this Act or so far as may be required for the purposes of any legal proceedings, whether civil or criminal —(a) an auditor appointed under section 37(1) or (2); or (b) any employee of such auditor, must not disclo

• § 4 — Appointment of assistants

  4.—(1) Subject to subsection (2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except —(a) the power of appointment conferred by this subsection; and (b) the power to make sub

• § 40 — Offence to destroy, conceal, alter, etc., records

  40.—(1) An individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 37 or 38 —(a) destroys, conceals or alters any book relating to the business of a licensee; or (b) sends, or conspires with any other person to send, out of Singapore any

• § 41 — Provision of information to Authority

  41.—(1) The Authority may, by notice in the form and manner prescribed, require any of the following persons to provide to the Authority, within a reasonable period specified in the notice, such information relating to a payment system as the Authority may require:(a) any participant of the payment

• § 42 — Power of Authority to designate payment systems

  42.—(1) The Authority may, by order in the Gazette, designate a payment system as a designated payment system for the purposes of this Act, if the Authority is satisfied that any of the following considerations applies:(a) a disruption in the operations of the payment system could —(i) trigger, caus

• § 43 — Prohibition against holding out as designated payment system

  43.—(1) A person must not hold the person out as the operator or settlement institution of a designated payment system unless the payment system has been designated by the Authority under section 42.(2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on con

• § 44 — Power of Authority to impose conditions or restrictions

  44.—(1) The Authority may, by written notice, impose on a participant, an operator or a settlement institution of a designated payment system such conditions or restrictions as the Authority thinks fit.(2) The Authority may, at any time, by written notice to a participant, an operator or a settlemen

• § 45 — Withdrawal of designation of payment system

  45.—(1) The Authority may, by order in the Gazette, withdraw the designation of any designated payment system at any time if the Authority is of the opinion that the applicable consideration in section 42(1)(a)(i), (ii) or (iii), (b) or (c) is no longer valid or satisfied.(2) The Authority must not

• § 46 — Exemptions applicable to operator, settlement institution or participant of payment system designated to ensure efficiency or competitiveness

  46.—(1) Section 50, Divisions 4 to 8 of this Part, and Part 5 do not apply to an operator of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)(b).(2) Sections 44, 102 and 103, Divisions 3 to 8 of this Part, and Parts 4 and 5

• § 47 — Obligation of operator or settlement institution to have place of business or registered office

  47.—(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must, within such period, after the date on which the order under section 42(1) designating that payment system is published in the Gazette, as the Authority may specify by written notice

• § 48 — Obligation of operator or settlement institution to notify Authority of certain events

  48.—(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:(a) an intention to make a material change to the nature of the ope

• § 49 — Obligation of operator to submit periodic reports

  49.—(1) An operator of a designated payment system must submit to the Authority such reports or returns in the form, manner and frequency prescribed.(2) A person 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 t

• § 5 — Licensing of payment service providers

  5.—(1) A person must not carry on a business of providing any type of payment service in Singapore, unless the person —(a) has in force a licence that entitles the person to carry on a business of providing that type of payment service; or (b) is an exempt payment service provider in respect of tha

• § 50 — Obligation of operator to notify Authority of businesses and acquisition of corporations

  50.—(1) An operator of a designated payment system must notify the Authority of the occurrence of any of the following events as soon as practicable after the occurrence of that event:(a) the carrying on of any business by the operator other than —(i) the business of operating a payment system; (ii

• § 51 — Power of Authority to impose access regime

  51.—(1) The Authority may, by order in the Gazette, impose an access regime in respect of a relevant payment system on one or more of the following persons or classes of persons, on such terms and conditions as the Authority may consider appropriate:(a) a participant or class of participants of that

• § 52 — Variation of access regime

  52.—(1) The Authority may, by order in the Gazette, vary an access regime that has been imposed under section 51 in respect of a relevant payment system, on such terms and conditions as the Authority may consider appropriate.(2) In considering whether to vary under subsection (1) an access regime in

• § 53 — Cessation and revocation of access regime

  53.—(1) An access regime in respect of a relevant payment system ceases to be in force if —(a) the order imposing or varying the access regime under section 51(1) or 52(1) (as the case may be) provides for an expiry date, and that date is reached; (b) the Authority revokes the access regime under s

• § 54 — Right to apply to General Division of High Court in respect of access regime

  54.—(1) If a person has been denied access to a payment system by any participant, operator, settlement institution or other person that determines access to the payment system, in contravention of a term or condition of the access regime imposed under section 51(1) or 52(1), the person denied acces

• § 55 — Interpretation of this Division

  55. In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “Court” means the General Division of the High Court; “debenture” has the meaning given by section 4(1) of the Companies Act 1967; “property” includes property, rig

• § 56 — Voluntary transfer of business

  56.—(1) A transferor may transfer the whole or any part of its business (including any business that is not the usual business of an operator or a settlement institution of a designated payment system) to a transferee, if —(a) the Authority has consented to the transfer; (b) the transfer involves t

• § 57 — Approval of transfer

  57.—(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under section 56(1).(2) Before making an application under subsection (1) —(a) the transferor must lodge with the Authority a report setting out

• § 58 — Application and interpretation of this Division

  58.—(1) This Division applies to —(a) every individual, whether or not resident in Singapore and whether or not a citizen of Singapore; and (b) every entity. (2) In this Division, unless the context otherwise requires —(a) any reference to an operator is a reference to an operator of a designated

• § 59 — Control of shareholding in operator

  59.—(1) A person must not become —(a) a 5% controller; (b) a 12% controller; (c) a 20% controller; or (d) an indirect controller, of an operator without first applying for and obtaining the approval of the Authority under subsection (3). (2) A person must not enter into any agreement or arrange

• § 6 — Application for licence

  6.—(1) A person that wishes to carry on a business of providing any type of payment service may apply to the Authority, in such form and manner as the Authority may require, for the appropriate licence under this section.(2) The types of licences that may be applied for under subsection (1) are as f

• § 60 — Objection to existing control of operator

  60.—(1) The Authority may serve a written notice of objection on any person that is a 5% controller, a 12% controller, a 20% controller or an indirect controller of an operator, or is required to obtain or has obtained the Authority’s approval under section 59(3) of an application made under section

• § 61 — Power of Authority to issue directions for this Division

  61.—(1) If the Authority is satisfied that a person has contravened section 59(1), (2) or (7) or has failed to comply with any condition imposed under section 59(4) or (5), or if the Authority has served a written notice of objection under section 60, the Authority may, by written notice —(a) direct

• § 62 — Power of Authority to obtain information relating to this Division

  62.—(1) The Authority may, by written notice, direct an operator to obtain from any of its shareholders, and to provide to the Authority, any information relating to the shareholder that the Authority may require for either or both of the following purposes:(a) ascertaining or investigating into the

• § 63 — Offences, penalties and defences

  63.—(1) A person that contravenes section 59(1)(a) or (b), (2) or (7)(a) or (c) shall be guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for ev

• § 64 — Appeals to Minister

  64. Any person that is aggrieved by a decision of the Authority under section 59, 60 or 61 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.

• § 65 — Approval of chief executive officer or director of operator

  65.—(1) Subject to subsection (4) —(a) a Singapore operator of a designated payment system must not appoint an individual as its chief executive officer or director; and (b) any other operator of a designated payment system must not appoint an individual as its chief executive officer, or director,

• § 66 — Removal of executive officer or director of operator or settlement institution

  66.—(1) Despite the provisions of any other written law —(a) where the Authority is satisfied that an individual appointed as an executive officer of an operator or a settlement institution of a designated payment system is not a fit and proper person to act as such executive officer, the Authority

• § 67 — Appeals to Minister

  67.—(1) An operator of a designated payment system that is aggrieved by a decision of the Authority under section 65(3)(b) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.(2) An operator or a settlement institution, or any

• § 68 — Auditing

  68.—(1) Despite the provisions of the Companies Act 1967, an operator or a settlement institution of a designated payment system must —(a) on an annual basis and at its own expense, appoint an auditor; and (b) if for any reason its auditor ceases to be its auditor, appoint another auditor as soon a

• § 69 — Powers of auditor appointed by Authority

  69.—(1) An auditor appointed by the Authority under section 68(2) for an operator or a settlement institution of a designated payment system may, for the purpose of carrying out an examination or audit —(a) examine, on oath or affirmation, any officer or employee of the operator or settlement instit

• § 7 — Variation or change of licence

  7.—(1) A licensee may apply to the Authority, in the form and manner prescribed, for any of the following things:(a) a variation of the licensee’s standard payment institution licence or major payment institution licence by changing the types of payment services that the licence entitles the license

• § 70 — Restriction on auditor’s and employee’s right to communicate certain matters

  70.—(1) Except as may be necessary for the carrying into effect of the provisions of this Act or so far as may be required for the purposes of any legal proceedings, whether civil or criminal —(a) an auditor appointed under section 68(1) or (2); or (b) any employee of such auditor, must not disclo

• § 71 — Offence to destroy, conceal, alter, etc., records

  71.—(1) An individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 68 or 69 —(a) destroys, conceals or alters any book relating to the business of an operator or a settlement institution of a designated payment system; or (b) sends, or co

• § 72 — Inspection by Authority

  72.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons:(a) a licensee; (b) an exempt payment service provider; (c) an operator of a designated payment system; (d) a settlement institution of a designated payment system; (e) a p

• § 74 — Confidentiality of inspection reports

  74.—(1) Subject to subsection (2), where the Authority has —(a) produced a written report upon an inspection under section 72 of the books of a person (being a licensee, an exempt payment service provider, an operator, a settlement institution or a participant of a designated payment system, or a pe

• § 75 — Self‑incrimination

  75.—(1) A person is not excused from disclosing information to the Authority pursuant to a requirement made of the person under this Part on the grounds that the disclosure of the information might tend to incriminate the person.(2) Where a person claims, before making a statement disclosing informa

• § 76 — Saving for advocates and solicitors

  76.—(1) Nothing in this Part —(a) compels an advocate and solicitor to disclose or produce any privileged communication, or a document or other material containing any privileged communication, made by or to the advocate and solicitor in that capacity; or (b) authorises the taking of any such docum

• § 76A — Interpretation of this Part

  76A. In this Part —“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004; “comput

• § 76B — Investigation by Authority

  76B.—(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:(a) to perform any of its functions and duties under this Act; (b) to ensure compliance with this Act or any written direction issued under this Act; (c) to investigate an

• § 76C — Confidentiality of investigation reports

  76C.—(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 76B and is provided by the Authority to the person under investigation (called in this section the investigated person)

• § 76D — Self‑incrimination and saving for advocates and solicitors

  76D.—(1) A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (2) or (3), pursuant to a requirement made of the person under any provision of this Division, on the ground that the disclosure of the information might te

• § 76E — Requirement to appear for examination

  76E.—(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person —(a) to give to the Authority all reasonable assistance in connection with the investigation; and (b) to appear before an officer of the Authority duly authorised by the Authority for e

• § 76F — Proceedings at examination

  76F. The provisions of this Subdivision apply where, pursuant to a requirement made under section 76E for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (called in this Subdivision the investigator) for examinati

• § 76G — Requirements made of examinee

  76G.—(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.(2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements th

• § 76H — Examination to take place in private

  76H.—(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.(2) A person must not be present at the examination unless the person is —(a) the investigator or the examinee; (b) a person approved by the A

• § 76I — Record of examination

  76I.—(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.(2) If a record made under subsection (1) is in writing or is reduced to writing —(a) the investigator may require the examinee to read the record, or to have it read

• § 76J — Giving copies of record to other persons

  76J.—(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in g

• § 76K — Copies given subject to conditions

  76K. If a copy of any written record or book is given to a person under section 76I(2) or 76J(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or the

• § 76L — Power of Authority to order production of books, provision of information or giving of access to data

  76L. For the purpose of an investigation under this Division, the Authority may, in writing, require —(a) a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any matter under investigation; or (b) a person who is beli

• § 76M — Power to enter premises without warrant

  76M.—(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorised in writing to accompany the investigator (each called

• § 76N — Warrant to seize books, etc.

  76N.—(1) A Magistrate may, on the application of the Authority —(a) issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data is contained or to which any data is available —(i) be

• § 76O — Powers where books are produced, etc.

  76O.—(1) This section applies where —(a) any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority —(i) pursuant to a requirement under section 76L; or (ii) during an entry into any premises by an investigator or aut

• § 76P — Powers where books not produced, information not provided or access to book or data not given

  76P. Where a person fails to comply with a requirement imposed by the Authority under section 76L to produce any book, provide any information or give access to any book or data, the Authority may require the person to state, to the best of his or her knowledge and belief —(a) the place where such b

• § 76Q — Copies of or extracts from books to be admitted in evidence

  76Q.—(1) Subject to this section, a copy of or extract from any book referred to in this Division that is proved to be a true copy of the book, or of the relevant part of the book, is admissible in evidence as if it were the original book, or the relevant part of the original book.(2) For the purpos

• § 76R — Offences under this Division

  76R.—(1) An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 76D(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(2) A person who, without reasonable excuse, refuses or fails to comply with —(a) an

• § 76S — Interpretation of this Division

  76S. In this Division ––“Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004; “police officer” means a member of the Singapore Police Force.[Act 12 of 2024 wef 24/01/2025]

• § 76T — Evidence obtained by Authority may be used in criminal investigations and proceedings

  76T.—(1) Despite the provisions of any written law or rule of law, the Authority may provide any book, written record of any examination or other information, or access to any data, obtained by the Authority under this Part to —(a) a police officer; (b) a Commercial Affairs Officer; or (c) the Pub

• § 76U — Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act

  76U. Despite the provisions of any written law or any rule of law, any book, data, statement or other information obtained by —(a) a police officer or a Commercial Affairs Officer in the exercise of his or her powers under Divisions 1 and 2 of Part 4 of the Criminal Procedure Code 2010; or (b) an a

• § 77 — Interpretation of this Part

  77. In this Part, unless the context otherwise requires —“business” includes affairs and property; “emergency” means —(a) any situation that prevents a designated payment system from carrying out its functions; (b) any situation in which, in the opinion of the Authority, the operations of a design

• § 78 — Action by Authority if payment entity unable to meet obligations, etc.

  78.—(1) The Authority may exercise one or more of the powers specified in subsection (2) as appears to the Authority to be necessary, where —(a) a payment entity informs the Authority that the payment entity is or is likely to become insolvent, is or is likely to become unable to meet the payment en

• § 79 — Emergency powers of Authority applicable to designated payment systems

  79.—(1) Without affecting section 78, where the Authority has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public to so act, the Authority may exercise one or more of the following powers:(a) by written not

• § 8 — Holding out as licensee, etc.

  8.—(1) A person —(a) must not hold the person out as carrying on a business of providing any type of payment service, unless the person is a licensee that is entitled to carry on a business of providing that type of payment service, an exempt payment service provider in respect of that type of payme

• § 80 — Assumption of control

  80.—(1) Upon assuming control of any business of a payment entity under section 78(2)(c), the Authority or statutory manager (as the case may be) must take custody or control of the relevant business of the payment entity.(2) During the period when the Authority or statutory manager is in control of

• § 81 — Other provisions concerning control

  81.—(1) The Authority must cease to be in control of the relevant business of a payment entity when the Authority is satisfied that the reasons for the Authority’s assumption of control of the relevant business have ceased to exist.(2) A statutory manager is deemed to have assumed control of the rel

• § 82 — Responsibilities of directors, officers, etc., of payment entity

  82.—(1) During the period when the Authority or statutory manager is in control of the relevant business of a payment entity —(a) a relevant person must provide to the Authority or statutory manager, within such time and in such manner as the Authority or statutory manager may specify, such informat

• § 83 — Remuneration and expenses of Authority and others in certain cases

  83. The Authority may at any time fix the remuneration and expenses to be paid by a payment entity —(a) to a statutory adviser or statutory manager appointed in relation to the payment entity, whether or not the appointment has been revoked; and (b) where the Authority has assumed control of the re

• § 84 — Interpretation of this Part

  84. In this Part, unless the context otherwise requires —“enforce” means enforce through criminal or administrative proceedings; “enforcement”, in relation to a regulatory authority, means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or

• § 85 — Conditions for provision of assistance

  85.—(1) The Authority may provide the assistance mentioned in section 87 to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled:(a) the assistance is intended to enable the regulatory authority, or any other authority of the fo

• § 86 — Other factors to consider for provision of assistance

  86. In deciding whether to grant a request for assistance mentioned in section 87 from a regulatory authority of a foreign country, the Authority may also have regard to the following:(a) whether the act or omission that is alleged to constitute the contravention of the law or regulatory requirement

• § 87 — Assistance that may be rendered

  87.—(1) Despite any provision of or requirement under any prescribed written law, or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a regulatory authority of a foreign country for assistance —(a) transmit to the regulatory authority any mate

• § 88 — Offences under this Part

  88.—(1) A person that —(a) without reasonable excuse, refuses or fails to comply with an order under section 87(1)(b), (c) or (d); (b) in purported compliance with an order made under section 87(1)(b) or (c), provides to the Authority or transmits to a regulatory authority any material or copy of m

• § 89 — Immunities

  89.—(1) No civil or criminal proceedings, other than proceedings for an offence under section 88, shall lie against any person for —(a) providing to the Authority or transmitting any material or copy of material to the Authority or a regulatory authority of a foreign country, if that person had prov

• § 9 — Prohibition against solicitation

  9.—(1) A person (other than a licensee or an exempt payment service provider), whether in Singapore or elsewhere, must not, whether by that person or through any other person in Singapore or elsewhere, do any of the following things:(a) offer to provide, or issue any advertisement containing any off

• § 90 — Offences by corporations

  90.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of a corporation in relation to a particular conduct, evidence that —(a) an officer, employee or agent of the corporation engaged in that conduct within the scope of his or her actual or apparent

• § 91 — Offences by unincorporated associations or partnerships

  91.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of an unincorporated association or a partnership in relation to a particular conduct, evidence that —(a) an employee or agent of the unincorporated association or partnership engaged in that con

• § 92 — Offences by officers

  92.—(1) An officer of a relevant entity, whose duty is or includes ensuring that the relevant entity complies with a provision of this Act, who fails to take all reasonable steps to secure such compliance, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,00

• § 93 — Falsification of records by officers, etc.

  93.—(1) An officer, auditor, employee or agent of a relevant entity who —(a) wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of the relevant entity; (b) wilfully omits to make

• § 94 — General duty to use reasonable care not to provide false information to Authority

  94.—(1) A person who provides the Authority with any information under or for the purposes of any provision of this Act must use reasonable care to ensure that the information is not false or misleading in any material particular.[Act 1 of 2021 wef 04/04/2024] (1A) Subsection (1) applies only where

• § 95 — General penalty

  95. A person guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $50,000; or (b) in any other case, to a fine not exceeding $100,000.

• § 96 — Composition of offences

  96.—(1) The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence.(2) The Authorit

• § 97 — Jurisdiction of court

  97. Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full penalty or punishment in respect of any offence under this Act.

• § 98 — Opportunity to be heard

  98. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given such opportunity to be heard.

• § 99 — Power of court to make certain orders

  99.—(1) Where, on an application of the Authority, it appears to the court that a person —(a) has committed an offence under this Act; or (b) is about to do an act that, if done, would be an offence under this Act, the court may (without prejudice to any other order it may make) make one or more o