§ 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 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.

—(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.