s 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 any interest earned on any customer money, to finance wholly or to any material extent any activity of any business carried on by the licensee. (3) 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. (4) A licensee that contravenes subsection (2) 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 —“credit facility” means —(a) any advance, loan or other facility that is granted by a licensee to a customer who is an individual, and that gives the customer access to any funds or financial guarantee provided by the licensee; or (b) any other liability that is incurred by a licensee on behalf of a customer who is an individual; “customer money” means any money received in Singapore by a licensee from a person in Singapore, in exchange for which the licensee issues any e‑money, but does not include any of the following:(a) any money paid to the licensee to reduce the amount owed to the licensee by that person; (b) any money that is repaid by the licensee to that person; (c) any money which is paid to the licensee, or which the licensee has informed that person will be used, to defray any fee or charge imposed by the licensee for providing any payment service to that person; (d) any money that is paid to, and received by, a recipient in accordance with the instructions of that person; (e) any money paid to any other person that is entitled to the money.