Money Service Business License Singapore

Re registration is required in limited circumstances.

Money service business license singapore. To view the list of licensed payment service providers in singapore refer to the financial institutions directory. If you offer certain services to the public you could be a money services business msb or a foreign money services business fmsb and be subject to the proceeds of crime money laundering and terrorist financing act. 3 issuer of traveler s checks money orders or stored value.

Issuing or redeeming money orders traveller s cheques or anything similar your business issues or redeems money orders travellers cheques or other similar negotiable instruments. The mcrba mandates a valid money changer s license or remittance license for a person who wants to carry on or advertise that he she carries on money changing or remittance business in singapore. Registration must be renewed every two years.

Our specialists will attend to every step of your application thoroughly. The definition was created to encompass more than just banks which normally provide these services to include non bank financial institutions. What criteria distinguishes an msb from an fmsb.

A money services business msb is a legal term used by financial regulators to describe businesses that transmit or convert money. Money services business licenses chartwell compliance assists a payments organization s launch or expansion in north america by securing all of the state and provincial money transmitter licenses and anti money laundering aml registrations for the u s a and canada. The form registration of money services business fincen form 107 must be completed and signed by the owner or controlling person and filed within 180 days after the date on which the msb is established.

An investigation upon application is part of the process and applicants pay a 1 000 fee to apply. The term money services business includes any person doing business whether or not on a regular basis or as an organized business concern in one or more of the following capacities. The list of entities that have notified mas pursuant to the payment services exemption for specified period regulations 2019 can be found here.

Money transferring transferring funds from one individual or entity to another using an electronic funds transfer network or any other method such as hawala hundi fei ch ien and chitti. Secure your business license with singapore company incorporation the leading corporate services provider in singapore. 1 currency dealer or exchanger.