Payment service providers: Money-changing
What admission criteria does MAS consider for a money-changing license?
According to MAS (Pages)
last revised on 25 January 2020
When assessing an application for a money-changing licence, MAS takes into consideration factors such as
- Fitness and propriety of the applicant; and in the case of a company, partnership or limited liability partnership, the fitness and propriety of its management.
- Financial condition of the applicant, and in the case where the applicant is a company, partnership or limited liability partnership, its track record and financial performance in previous years.
- Ownership and shareholding structure.
- Qualifications and experience, particularly in operating a money-changing business and in anti-money laundering and countering the financing of terrorism (AML/CFT).
- Business plan and model, including AML/CFT policies and procedures.
- Whether the public interest will be served by granting a licence.