Nature of Money Changing Services
Is the provision of money-changing services regulated under the PS Act?
Yes, money-changing service is 1 of the 7 regulated activities under the Payment Service Act.
"You must apply for the money-changing licence if you do not have in force a standard payment institution licence or a major payment institution licence that permits you to carry out money-changing services."
"A business holding a money-changing licence can conduct only money-changing services."
Payment services that constitute buying or selling of foreign currency notes i.e Money-changing services are 1 out of the 7 regulated activities under the Payment Services Act (PSA). If any other payment services are carried out, a Standard/Major Payment Institution License must be obtained.