Payment services: Account issuance service

How does the PSA affect businesses licensees that provide account issuance service?

Major payment institutions that carry on a business of providing an account issuance service must ensure that the currency equivalent of the e-money contained and/or transferred in any period of one year in a personal payment account does not exceed the prescribed amount of S$5,000.00 at the end of the day and S$30,000.00 annually.