§ 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 prescribed amount (or its equivalent in a foreign currency);

(b)

ensure that the total currency equivalent of the e‑money transferred in any period of one year, from a personal payment account issued by the major payment institution to a payment service user, other than to a personal deposit account that is either in the name of or designated by that payment service user, does not exceed the prescribed amount (or its equivalent in a foreign currency); and

(c)

if the major payment institution issues 2 or more personal payment accounts to any payment service user, ensure that —(i)

the total currency equivalent of the e‑money contained in all personal payment accounts issued by the major payment institution to that payment service user does not exceed the prescribed amount (or its equivalent in a foreign currency); and

(ii)

the total currency equivalent of the e‑money transferred in any period of one year, from all personal payment accounts issued by the major payment institution to that payment service user, other than to any personal deposit account that is either in the name of or designated by that payment service user, does not exceed the prescribed amount (or its equivalent in a foreign currency).

(2) In computing the total currency equivalent of the e‑money mentioned in subsection (1)(c)(i), a major payment institution may exclude —(a)

the currency equivalent of any e-money contained in any small personal payment account issued by the major payment institution to a payment service user, if that small personal payment account does not have the same unique customer identifier as any other personal payment account issued by the major payment institution to that payment service user;

(b)

the currency equivalent of any e‑money contained in any bearer payment account issued by the major payment institution to that payment service user; and

(c)

the currency equivalent of any e‑money contained in any other payment account, of such type as may be prescribed, issued by the major payment institution to that payment service user.

(3) In computing the total currency equivalent mentioned in subsection (1)(c)(ii) of the e‑money transferred, a major payment institution —(a)

must include the currency equivalent of the e‑money transferred during each transfer from each personal payment account issued to a payment service user; but

(b)

despite paragraph (a), may exclude —(i)

the currency equivalent of any e‑money transferred during a transfer from a small personal payment account issued to a payment service user, if that small personal payment account does not have the same unique customer identifier as any other personal payment account issued by the major payment institution to that payment service user;

(ii)

the currency equivalent of any e‑money transferred during a transfer from any bearer payment account issued by the major payment institution to that payment service user; and

(iii)

the currency equivalent of any e‑money transferred during a transfer from any other payment account, of such type as may be prescribed, issued by the major payment institution to that payment service user.

(4) A major payment institution 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 the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(5) In this section —“bearer payment account” means a payment account the title to which passes upon delivery of the medium associated with that payment account;

“currency equivalent”, in relation to e‑money, means the value of the e‑money in the currency that the e‑money is denominated in or pegged to;

“personal deposit account” means a deposit account held with a bank in Singapore that is used as a means of executing payment transactions other than in the course of business;

“personal payment account” means a payment account issued to a payment service user —(a)

that is used as a means of executing payment transactions other than in the course of business; and

(b)

to which any of the following applies:(i)

the major payment institution that issued the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore;

(ii)

the issuer of the e‑money contained in the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore;

(iii)

the e‑money contained in the payment account is issued in Singapore, and both of the following apply:(A)

the major payment institution that issued the payment account has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore;

(B)

the issuer of the e‑money contained in the payment account has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore;

“small personal payment account” means a personal payment account containing e‑money the currency equivalent of which does not exceed $1,000 (or its equivalent in a foreign currency);

“unique customer identifier” means any of the following unique identifiers that may be provided by a payment service user to a major payment institution at any time to facilitate the issue of a personal payment account by the major payment institution to the payment service user:(a)

a national registration identity card number;

(b)

a foreign identification number;

(c)

a passport number;

(d)

an email address;

(e)

a mobile phone number;

(f)

any other unique identifier that may be prescribed.

—(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 prescribed amount (or its equivalent in a foreign currency);

(b)

ensure that the total currency equivalent of the e‑money transferred in any period of one year, from a personal payment account issued by the major payment institution to a payment service user, other than to a personal deposit account that is either in the name of or designated by that payment service user, does not exceed the prescribed amount (or its equivalent in a foreign currency); and

(c)

if the major payment institution issues 2 or more personal payment accounts to any payment service user, ensure that —(i)

the total currency equivalent of the e‑money contained in all personal payment accounts issued by the major payment institution to that payment service user does not exceed the prescribed amount (or its equivalent in a foreign currency); and

(ii)

the total currency equivalent of the e‑money transferred in any period of one year, from all personal payment accounts issued by the major payment institution to that payment service user, other than to any personal deposit account that is either in the name of or designated by that payment service user, does not exceed the prescribed amount (or its equivalent in a foreign currency).

(2) In computing the total currency equivalent of the e‑money mentioned in subsection (1)(c)(i), a major payment institution may exclude —(a)

the currency equivalent of any e-money contained in any small personal payment account issued by the major payment institution to a payment service user, if that small personal payment account does not have the same unique customer identifier as any other personal payment account issued by the major payment institution to that payment service user;

(b)

the currency equivalent of any e‑money contained in any bearer payment account issued by the major payment institution to that payment service user; and

(c)

the currency equivalent of any e‑money contained in any other payment account, of such type as may be prescribed, issued by the major payment institution to that payment service user.

(3) In computing the total currency equivalent mentioned in subsection (1)(c)(ii) of the e‑money transferred, a major payment institution —(a)

must include the currency equivalent of the e‑money transferred during each transfer from each personal payment account issued to a payment service user; but

(b)

despite paragraph (a), may exclude —(i)

the currency equivalent of any e‑money transferred during a transfer from a small personal payment account issued to a payment service user, if that small personal payment account does not have the same unique customer identifier as any other personal payment account issued by the major payment institution to that payment service user;

(ii)

the currency equivalent of any e‑money transferred during a transfer from any bearer payment account issued by the major payment institution to that payment service user; and

(iii)

the currency equivalent of any e‑money transferred during a transfer from any other payment account, of such type as may be prescribed, issued by the major payment institution to that payment service user.

(4) A major payment institution 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 the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(5) In this section —“bearer payment account” means a payment account the title to which passes upon delivery of the medium associated with that payment account;

“currency equivalent”, in relation to e‑money, means the value of the e‑money in the currency that the e‑money is denominated in or pegged to;

“personal deposit account” means a deposit account held with a bank in Singapore that is used as a means of executing payment transactions other than in the course of business;

“personal payment account” means a payment account issued to a payment service user —(a)

that is used as a means of executing payment transactions other than in the course of business; and

(b)

to which any of the following applies:(i)

the major payment institution that issued the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore;

(ii)

the issuer of the e‑money contained in the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore;

(iii)

the e‑money contained in the payment account is issued in Singapore, and both of the following apply:(A)

the major payment institution that issued the payment account has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore;

(B)

the issuer of the e‑money contained in the payment account has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore;

“small personal payment account” means a personal payment account containing e‑money the currency equivalent of which does not exceed $1,000 (or its equivalent in a foreign currency);

“unique customer identifier” means any of the following unique identifiers that may be provided by a payment service user to a major payment institution at any time to facilitate the issue of a personal payment account by the major payment institution to the payment service user:(a)

a national registration identity card number;

(b)

a foreign identification number;

(c)

a passport number;

(d)

an email address;

(e)

a mobile phone number;

(f)

any other unique identifier that may be prescribed.