s 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.