Section 18 — Prohibition against use of unlicensed agent

(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 that type of payment service.

(2)A licensee that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.