# legal_provisions

document_id: psa-2019
provision_ref: s9
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 9
title: Prohibition against solicitation
content:
9. —(1) A person (other than a licensee or an exempt payment service provider), whether in Singapore or elsewhere, must not, whether by that person or through any other person in Singapore or elsewhere, do any of the following things: ( a ) offer to provide, or issue any advertisement containing any offer to provide, to the public in Singapore or any section of the public in Singapore, any type of payment service, whether in Singapore or elsewhere; ( b ) make an offer or invitation, or issue any advertisement containing any offer or invitation, to the public in Singapore or any section of the public in Singapore, to enter into any agreement relating to the provision by any person of any type of payment service, whether in Singapore or elsewhere. (2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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. (3) A person in Singapore (whether or not a licensee or an exempt payment service provider) must not, on behalf of a person outside Singapore that is not a licensee and is not an exempt payment service provider, do any of the following things: ( a ) offer to provide, or issue any advertisement containing any offer to provide, to the public in Singapore or any section of the public in Singapore, any type of payment service, whether in Singapore or elsewhere; ( b ) make an offer or invitation, or issue any advertisement containing any offer or invitation, to the public in Singapore or any section of the public in Singapore, to enter into any agreement relating to the provision by any person of any type of payment service, whether in Singapore or elsewhere. (4) A person that contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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) For the purposes of subsections (1) and (3), in determining whether an offer, invitation or advertisement is made or issued to the public in Singapore or any section of the public in Singapore, a person must have regard to such considerations as the Authority may prescribe. (6) A person whose business is to publish, or to arrange for the publication, of advertisements (called in this subsection the publisher) shall not be guilty of an offence under subsection (2) or (4) if the publisher proves that — ( a ) the publisher received the advertisement for publication in the ordinary course of the publisher’s business; ( b ) the matters contained in the advertisement were not, wholly or in part, devised or selected by the publisher or by any person under the publisher’s direction or control; and ( c ) the publisher did not know and had no reason for believing that the publication of the advertisement would constitute an offence.


document_id: psa-2019
provision_ref: s10
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 10
title: Annual fees of licensees
content:
10. —(1) A licensee must pay to the Authority a prescribed annual fee in such manner as the Authority may specify by written notice. (2) The Authority may prescribe different annual fees for different classes of licensees, depending on the type and number of payment services that a licensee in such a class is entitled to carry on a business of providing, the volume of transactions accepted, processed or executed by a licensee in such a class, and all other factors which the Authority may consider relevant. (3) The Authority may, where the Authority considers it to be appropriate in a particular case, waive, refund or remit the whole or any part of any annual fee paid or payable to the Authority.


document_id: psa-2019
provision_ref: s11
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 11
title: Lapsing, surrender, revocation or suspension of licence
content:
11. —(1) A licence lapses — ( a ) if the licensee (being an entity) is wound up or otherwise dissolved, whether in Singapore or elsewhere; ( b ) if the licensee (being an individual) dies, becomes mentally incapacitated or is adjudicated a bankrupt; or ( c ) upon the occurrence of such other event as may be prescribed. (2) The Authority may revoke a licence if — ( a ) it appears to the Authority that any of the following persons is not a fit and proper person under the Guidelines on Fit and Proper Criteria: (i) the licensee; (ii) any officer or employee of the licensee; (iii) where the licensee is a partnership or limited liability partnership, any partner of that partnership or limited liability partnership; (iv) where the licensee is a corporation, any 5% controller, 12% controller, 20% controller or indirect controller of the licensee; ( b ) it appears to the Authority that either of the following is not satisfactory: (i) the financial standing of the licensee; (ii) the manner in which the licensee’s business is being conducted; ( c ) the licensee has contravened, or continues to contravene, any provision of this Act, or has failed, or continues to fail, to comply with any condition or restriction imposed, or any written notice issued, by the Authority under this Act; ( d ) the licensee has failed to comply with any written notice issued by the Authority under the Monetary Authority of Singapore Act 1970; [Act 18 of 2022 wef 28/04/2023] ( e ) it appears to the Authority that the licensee has failed, or continues to fail, to comply with any of the licensee’s obligations under or arising from — (i) this Act; or (ii) any written notice issued by the Authority under this Act; ( f ) the licensee has provided to the Authority any information or document required under this Act that is false or misleading in a material particular; ( g ) it appears to the Authority that any of the following persons has not performed that person’s duties under this Act honestly or fairly: (i) the licensee; (ii) any officer or employee of the licensee; (iii) where the licensee is a partnership or limited liability partnership, any partner of that partnership or limited liability partnership; ( h ) it appears to the Authority that it would be contrary to the public interest for the licensee to continue its operations; ( i ) the licensee fails to pay the annual fee mentioned in section 10(1); ( j ) the licensee fails or ceases to carry on a business of providing any type of payment service that the licensee is entitled to carry on a business of providing; ( k ) the licensee fails or ceases to have an executive director who — (i) is a citizen or permanent resident of Singapore; or (ii) belongs to the prescribed class of persons mentioned in section 6(9)( c )(ii); [Act 18 of 2022 wef 28/04/2023] ( l ) if any executive director of the licensee belongs to the prescribed class of persons mentioned in section 6(9)( c )(ii), the licensee does not or ceases to satisfy any condition mentioned in section 6(9)( c )(ii); or [Act 18 of 2022 wef 28/04/2023] ( m ) the licensee has failed, or continues to fail, to comply with any written notice issued by the Authority under the Financial Services and Markets Act 2022. [Act 18 of 2022 wef 28/04/2023] (3) The Authority may, if the Authority considers it desirable to do so — ( a ) suspend the licence of a licensee for a specified period, instead of revoking the licence under subsection (2); and ( b ) at any time — (i) extend the suspension for a specified period; or (ii) cancel the suspension. (4) Except as provided in subsection (5), the Authority must not revoke a licence under subsection (2) or suspend a licence under subsection (3), without giving the licensee an opportunity to be heard. (5) The Authority may revoke or suspend a licence of a licensee, without giving the licensee an opportunity to be heard, in any of the following circumstances: ( a ) the licensee (being an entity) is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; ( b ) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, for or in respect of any property of the licensee; ( c ) any of the following persons has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty, or of an offence the conviction for which involves a finding that the person convicted had acted fraudulently or dishonestly, whether the applicable offence is committed before, on or after 28 January 2020: (i) the licensee; (ii) where the licensee is a partnership or limited liability partnership, any partner of that partnership or limited liability partnership; (iii) where the licensee is a corporation, any director, 5% controller, 12% controller, 20% controller or indirect controller of the licensee. (6) A licensee whose licence has lapsed, or is revoked or suspended, must cease to carry on the business of providing any type of payment service from the date the licence lapses, or the revocation or suspension takes effect, as the case may be. (7) Despite the lapsing or revocation of a licence granted to a person, unless the Authority otherwise directs, sections 16, 37, 72, 74, 76B and 76C continue to apply in relation to the person in respect of matters that occurred before the lapsing or revocation of the licence. [Act 12 of 2024 wef 24/01/2025] (8) A person that contravenes subsection (6) 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. (9) A licensee may surrender the licensee’s licence by submitting to the Authority a written notice of surrender, in such form as may be specified by the Authority by written notice. (10) Any surrender, lapsing, revocation or suspension of a person’s licence — ( a ) does not avoid or affect any agreement, transaction or arrangement relating to the person’s business of providing any payment service that is entered into by the person, whether the agreement, transaction or arrangement was entered into before or after the surrender, lapsing, revocation, or suspension (as the case may be) of the licence; and ( b ) does not affect any right, obligation or liability arising under any such agreement, transaction or arrangement.


document_id: psa-2019
provision_ref: s12
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 12
title: Appeals to Minister
content:
12. —(1) Any person that is aggrieved — ( a ) by the refusal of the Authority to grant a licence to the person; or ( b ) by the revocation or suspension of the person’s licence by the Authority, may, within 30 days after having been informed by the Authority of the refusal, revocation or suspension, appeal in writing to the Minister, whose decision is final.


document_id: psa-2019
provision_ref: s13
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 13
title: Exempt payment service providers
content:
13. —(1) Subject to subsection (8), the following persons are exempt from the requirement to have in force a licence to carry on a business of providing any payment service: ( a ) a bank licensed under the Banking Act 1970; ( b ) a merchant bank licensed under the Banking Act 1970; ( c ) a finance company licensed under the Finance Companies Act 1967; ( d ) a person licensed to carry on the business of issuing credit cards or charge cards in Singapore under section 57B of the Banking Act 1970; ( e ) any other person or class of persons that may be prescribed. [1/2020] (2) Subject to the provisions of this Act, sections 15 to 19, 20(2), (4) and (5), 23 and 24 and Division 5 of this Part apply, with the necessary modifications, to an exempt payment service provider mentioned in subsection (1)( a ), ( b ), ( c ) or ( d ) in respect of its business of providing any relevant payment service, as if the exempt payment service provider were a licensee. (3) The Authority may, on the application of an exempt payment service provider, exempt the exempt payment service provider from complying with any of the provisions mentioned in subsection (2). (4) The Authority may prescribe the provisions of this Act that apply to an exempt payment service provider mentioned in subsection (1)( e ). (5) An exemption granted under subsection (3) need not be published in the Gazette . (6) The Authority may prescribe, or specify by written notice, the conditions or restrictions that may be imposed on an exempt payment service provider in respect of the carrying on of a business of providing any type of payment service. (7) The Authority may at any time, by written notice, add to, vary or revoke any of the conditions or restrictions imposed by written notice under subsection (6) or this subsection. (8) The Authority may by notification in the Gazette declare that a person mentioned in subsection (1) ceases to be exempt under that subsection, or may withdraw an exemption granted to a person under subsection (3), if — ( a ) the person contravenes any provision of this Act, or fails to comply with any condition or restriction imposed on the person under subsection (6) or (7); or ( b ) the Authority considers it necessary in the public interest. (9) Where the Authority makes a declaration or withdraws an exemption under subsection (8), the Authority need not give the affected person an opportunity to be heard. (10) A person that is aggrieved by a decision of the Authority to make a declaration or withdraw an exemption under subsection (8) in respect of the person may, within 30 days after the date of the decision, appeal in writing to the Minister, whose decision is final. (11) A declaration or withdrawal of an exemption under subsection (8) in respect of a person — ( a ) does not avoid or affect any agreement, transaction or arrangement, relating to any payment service provided by the person, whether the agreement, transaction or arrangement was entered into before or after the making of the declaration or the withdrawal of the exemption; and ( b ) does not affect any right, obligation or liability arising under any agreement, transaction or arrangement mentioned in paragraph ( a ). (12) An exempt payment service provider that contravenes any condition or restriction imposed under subsection (6) or (7) 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. (13) In this section, “relevant payment service” — ( a ) in relation to an exempt payment service provider mentioned in subsection (1)( a ), means any of the following payment services: (i) an account issuance service that is not solely incidental to the conduct of any deposit‑taking business or banking business; (ii) a domestic money transfer service that is not solely incidental to the conduct of any deposit‑taking business or banking business; (iii) an e‑money issuance service; (iv) a digital payment token service; ( b ) in relation to an exempt payment service provider mentioned in subsection (1)( b ), means any of the following payment services: (i) an account issuance service that is not solely incidental to the conduct of the business of receiving money on current or deposit account, or the making of advances to customers; (ii) a domestic money transfer service that is not solely incidental to the conduct of the business of receiving money on current or deposit account, or the making of advances to customers; (iii) an e‑money issuance service; (iv) a digital payment token service; ( c ) in relation to an exempt payment service provider mentioned in subsection (1)( c ), means any of the following payment services: (i) an account issuance service that is not solely incidental to the conduct of financing business; (ii) a domestic money transfer service that is not solely incidental to the conduct of financing business; (iii) an e‑money issuance service; (iv) a digital payment token service; and ( d ) in relation to an exempt payment service provider mentioned in subsection (1)( d ), means any of the following payment services: (i) an account issuance service that is not solely incidental to the business of issuing credit cards or charge cards under the Banking Act 1970; (ii) a domestic money transfer service that is not solely incidental to the business of issuing credit cards or charge cards under the Banking Act 1970; (iii) a cross‑border money transfer service; (iv) a merchant acquisition service; (v) an e-money issuance service; (vi) a digital payment token service; (vii) a money‑changing service. Division 2 &#x2014; Conduct of business Subdivision (1) &#x2014; General


document_id: psa-2019
provision_ref: s14
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 14
title: Place of business or registered office of licensee
content:
14. —(1) A licensee must not carry on a business of providing any type of payment service unless the licensee has — ( a ) a permanent place of business; or ( b ) a registered office in Singapore. (2) A licensee must appoint at least one person to be present, on such days and at such hours as the Authority may specify by written notice, at the licensee’s permanent place of business or registered office to address any queries or complaints from any payment service user that uses any payment service provided by the licensee or is a customer of the licensee. (3) A licensee must keep, or cause to be kept, at the licensee’s permanent place of business or registered office, books of all the licensee’s transactions in relation to any payment service provided by the licensee. (4) A licensee must notify the Authority of any change in the address of any of the following places within 7 days after the date of that change: ( a ) the licensee’s permanent place of business or registered office in Singapore; ( b ) every other place of business of the licensee. (5) Except with the approval of the Authority under subsection (6), a licensee must not carry on a business of providing any money‑changing service or cross‑border money transfer service at any place of business other than the licensee’s permanent place of business mentioned in subsection (1). (6) Where a licensee wishes to carry on a business of providing any money‑changing service or cross‑border money transfer service at any place of business other than the licensee’s permanent place of business mentioned in subsection (1) — ( a ) the licensee must, before carrying on any such business at that other place of business, apply in writing to the Authority for approval to do so; and ( b ) the Authority may give its approval for the licensee to carry on that business at that other place of business, subject to such conditions as the Authority thinks fit. (7) The Authority may at any time add to, vary or revoke any condition imposed under subsection (6) or this subsection. (8) The Authority may revoke its approval under subsection (6) if the licensee breaches any condition imposed on the licensee under subsection (6) or (7). (9) A licensee that contravenes subsection (1), (2), (3) or (5) 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. (10) A licensee that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.


document_id: psa-2019
provision_ref: s15
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 15
title: Obligation of licensee to notify Authority of certain events
content:
15. —(1) A licensee must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence: ( a ) any civil or criminal proceeding instituted against the licensee, whether in Singapore or elsewhere; ( b ) any event (including an irregularity in the operations of the licensee) that materially impedes or impairs the operations of the licensee; ( c ) the licensee being or becoming, or being likely to become, insolvent or unable to meet any of the licensee’s financial, statutory, contractual or other obligations; ( d ) any disciplinary action taken against the licensee by any regulatory authority (other than the Authority), whether in Singapore or elsewhere; ( e ) any significant change to the regulatory requirements imposed on the licensee by any regulatory authority (other than the Authority), whether in Singapore or elsewhere; ( f ) any other event that the Authority may prescribe or specify by written notice. (2) A licensee must notify the Authority of the occurrence of any of the following events within 14 days after the date of that occurrence: ( a ) any change of a director or the chief executive officer of the licensee, except where the licensee is required under section 34 to obtain the Authority’s approval to appoint the director or chief executive officer; ( b ) any other event that the Authority may prescribe or specify by written notice. (3) A person that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.


document_id: psa-2019
provision_ref: s16
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 16
title: Obligation of licensee to provide information to Authority
content:
16. —(1) Subject to subsection (4), the Authority may, by written notice, require any licensee, or any person acting on behalf of a licensee, to provide to the Authority, within such period as the Authority may specify in the notice, all such information relating to the licensee’s business of providing any payment service as the Authority may specify in the notice. (2) Without limiting subsection (1), the Authority may, in the notice under that subsection, require any person mentioned in that subsection to provide — ( a ) information relating to any of the following matters: (i) the operations of the licensee; (ii) the pricing of, or any other form of consideration for, any payment service offered or provided by the licensee; and ( b ) such other information as the Authority may require for the purposes of this Act. (3) Subject to subsection (4) — ( a ) a requirement imposed by the Authority under this section has effect despite any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any rule of law or contract; and ( b ) a person that complies with a requirement imposed by the Authority under this section is not to be treated as being in breach of any restriction on the disclosure of the information imposed by any rule of law or contract. (4) Nothing in this section requires a person to disclose any information subject to legal privilege. (5) A person that fails to comply with a notice under subsection (1) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.


document_id: psa-2019
provision_ref: s17
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 17
title: Obligation of licensee to submit periodic reports
content:
17. —(1) A licensee must submit to the Authority such reports or returns relating to the licensee’s business in such form, manner and frequency as the Authority may specify by written notice. (2) A person 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.


document_id: psa-2019
provision_ref: s18
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 18
title: Prohibition against use of unlicensed agent
content:
18. —(1) A licensee must not provide any type of payment service in Singapore through an agent, unless — ( a ) the agent has in force a licence that entitles the agent to carry on a business of providing that type of payment service; or ( b ) the agent is an exempt payment service provider in respect of that type of payment service. (2) 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.


document_id: psa-2019
provision_ref: s19
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 19
title: Prohibition against exchanging e‑money withdrawn from payment account for Singapore currency
content:
19. —(1) Where any matter mentioned in subsection (2)( a ), ( b ) or ( c ) applies, a licensee that carries on a business of providing any account issuance service must not do any of the following things: ( a ) allow any payment service user to whom the licensee has issued any payment account, or provided any service relating to any operation required for operating a payment account, to withdraw e‑money from that payment account, and to exchange the e‑money withdrawn for Singapore currency, at any of the licensee’s places of business; ( b ) enter into any agreement or arrangement (whether oral or in writing and whether express or implied) with any entity that is incorporated, formed or registered in Singapore or that carries on any business in Singapore, being an agreement or arrangement that would allow any payment service user to whom the licensee has issued any payment account, or provided any service relating to any operation required for operating a payment account, to withdraw e‑money from that payment account, and to exchange the e‑money withdrawn for Singapore currency, in Singapore. (2) For the purposes of subsection (1), the matters are as follows: ( a ) the licensee has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore; ( b ) the issuer of the e‑money contained in the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore; ( c ) the e‑money contained in the payment account is issued in Singapore, and both of the following apply: (i) the licensee has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore; (ii) the issuer of the e‑money has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore. (3) A licensee that contravenes subsection (1) 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. (4) Despite subsection (1), a licensee that carries on a business of providing an account issuance service may allow a payment service user to whom the licensee has issued any payment account, or provided any service relating to any operation required for operating a payment account, to withdraw e‑money from that payment account, and to exchange the e‑money withdrawn for Singapore currency, on the termination of the use of that payment account by that payment service user. (5) In this section, “Singapore currency” means currency notes and coins that are legal tender in Singapore.


document_id: psa-2019
provision_ref: s20
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 20
title: Prohibition from carrying on certain businesses
content:
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.


document_id: psa-2019
provision_ref: s21A
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 21A
title: Additional requirements in respect of licensee providing digital payment token service
content:
21A. —(1) A licensee that provides a digital payment token service must satisfy the requirements prescribed by regulations made under section 103(1) in respect of — ( a ) the extent to which assets (including digital payment tokens) belonging to a customer held by the licensee may be commingled with other assets (including other digital payment tokens) held by the licensee; ( b ) the maintenance in a prescribed manner of a prescribed amount or percentage of the following assets: (i) assets (including digital payment tokens) belonging to the customer held by the licensee; (ii) assets (including digital payment tokens) belonging to the licensee; (iii) other assets (including digital payment tokens) held by the licensee; ( c ) the safeguarding of assets (including digital payment tokens) belonging to customers held by the licensee, in the event of the insolvency of the licensee; ( d ) insurance against the risk of insolvency of the licensee; ( e ) the manner in which the licensee must conduct its dealings with a customer for the following purposes: (i) safeguarding assets (including digital payment tokens) belonging to its customers; (ii) protecting data relating to its customers; (iii) safeguarding digital payment token instruments belonging to its customers; ( f ) the disclosure, to customers of the licensee, of information relating to the manner in which the licensee — (i) safeguards assets (including digital payment tokens) belonging to its customers; (ii) protects data relating to its customers; and (iii) safeguards digital payment token instruments belonging to its customers; ( g ) the monitoring of digital payment token accounts and assets (including digital payment tokens) belonging to customers held by the licensee; ( h ) the standards and processes which the licensee must adopt — (i) to safeguard assets (including digital payment tokens) belonging to customers held by the licensee, and digital payment token instruments, from unauthorised use; and (ii) to protect data relating to customers that is held by the licensee from unauthorised use and disclosure; ( i ) the amount of digital payment tokens which can be contained in, or transferred out of, a digital payment token account; ( j ) the amount of digital payment tokens which a licensee can hold or transfer (whether for itself or for another person); ( k ) the exchange of digital payment tokens for Singapore currency; ( l ) the use of moneys collected in exchange for digital payment tokens for any business activity of the licensee; and ( m ) the use of digital payment tokens for any business activity of the licensee. (2) A licensee that provides a digital payment token service must, in respect of the service, satisfy any requirement prescribed by regulations made under section 103(1) that the Authority considers necessary or expedient in the interest of any of the following: ( a ) the public or a section of the public; ( b ) the stability of the financial system in Singapore; ( c ) the monetary policy of the Authority. (3) Despite section 103(3)( c ) and ( d ), regulations made under section 103(1) may provide that a licensee that contravenes a requirement prescribed for the purposes of subsection (1)( a ), ( b ), ( c ), ( d ), ( g ), ( h )(i), ( i ), ( j ), ( k ), ( l ) or ( m ) 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. [Act 1 of 2021 wef 04/04/2024] Subdivision (2) &#x2014; Major payment institutions


document_id: psa-2019
provision_ref: s22
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 22
title: Security
content:
22. —(1) Every major payment institution must maintain with the Authority security of a prescribed amount (or its equivalent in a foreign currency), for the due performance of the obligations of the major payment institution to every payment service user who is a customer of the major payment institution. (2) The security mentioned in subsection (1) must be — ( a ) in the form of a cash deposit; ( b ) in the form of a bank guarantee that satisfies such requirements as the Authority may specify by written notice; or ( c ) in such other form as the Authority may, in any particular case, allow. (3) Where a major payment institution has surrendered its licence, or the licence of a major payment institution has lapsed or has been revoked, the Authority may enforce the security mentioned in subsection (1) to the extent required to pay any sums outstanding and claimed by payment service users who are customers of the major payment institution. (4) To avoid doubt, where the security mentioned in subsection (1) is provided in the form of a bank guarantee, the Authority may call on the bank guarantee for the purposes of subsection (3), even though a closure certificate required under subsection (7) has not been submitted to the Authority. (5) Where a major payment institution has surrendered its licence, or the licence of a major payment institution has lapsed or has been revoked, the Authority must release the security mentioned in subsection (1), or the remainder of that security, to the major payment institution, upon the Authority — ( a ) being satisfied that there is no outstanding claim by any payment service user who is a customer of the major payment institution; and ( b ) receiving the closure certificate required under subsection (7). (6) Any security provided by a major payment institution under this section — ( a ) is not liable to be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever; and ( b ) if the major payment institution is declared insolvent or is wound up by an order of the court — is deemed not to form part of the property of the major payment institution. (7) A major payment institution must within 45 days, or such longer period as the Authority may allow, after the date on which the licence of the major payment institution is surrendered, lapses or is revoked, submit to the Authority a closure certificate issued by the auditors of the major payment institution confirming that — ( a ) all moneys received from payment service users who are customers of the major payment institution have been received by the intended recipients of those moneys; and ( b ) adequate provision has been made to meet any unforeseen liabilities in respect of every business of the major payment institution that its major payment institution licence entitles it to carry on.


document_id: psa-2019
provision_ref: s23
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 23
title: Safeguarding of money received from customer
content:
23. —(1) Subsection (2) applies to — ( a ) every major payment institution that carries on a business of providing any of the following payment services: (i) a domestic money transfer service; (ii) a cross‑border money transfer service; (iii) a merchant acquisition service; ( b ) any prescribed major payment institution in respect of a prescribed payment service (other than a payment service mentioned in paragraph ( a )(i), (ii) or (iii)); and ( c ) any prescribed licensee (other than a major payment institution) in respect of a prescribed payment service. [Act 1 of 2021 wef 04/04/2024] (2) A major payment institution or licensee mentioned in subsection (1) must ensure that no later than the next business day after any relevant money is received from, or on account of, a customer, the whole or such part, as may be prescribed, of the relevant money, is safeguarded in one of the following manners: ( a ) by an undertaking, from a safeguarding institution, to be fully liable to the customer for the relevant money; ( b ) by a guarantee given by a safeguarding institution for the amount of the relevant money; ( c ) by depositing the relevant money in a trust account maintained with a safeguarding institution; ( d ) in such other manner as may be prescribed. [Act 1 of 2021 wef 04/04/2024] (3) Subsection (4) applies to — ( a ) every major payment institution that carries on a business of providing an e‑money issuance service; ( b ) any prescribed major payment institution in respect of a prescribed payment service (other than a payment service mentioned in paragraph ( a )); and ( c ) any prescribed licensee (other than a major payment institution) in respect of a prescribed payment service. [Act 1 of 2021 wef 04/04/2024] (4) A major payment institution or licensee mentioned in subsection (3) must ensure that from the time any relevant money is received from, or on account of, a customer, the whole or such part, as may be prescribed, of the relevant money is safeguarded in one of the following manners: ( a ) by an undertaking, from a safeguarding institution, to be fully liable to the customer for the relevant money; ( b ) by a guarantee given by a safeguarding institution for the amount of the relevant money; ( c ) by depositing the relevant money in a trust account maintained with a safeguarding institution; ( d ) in such other manner as may be prescribed. [Act 1 of 2021 wef 04/04/2024] (5) The Authority may make regulations under section 103 to provide for all or any of the following matters: ( a ) any matter concerning the safeguarding of relevant money under subsection (2) or (4) by any safeguarding institution; ( b ) any matter concerning the depositing of relevant money in a trust account mentioned in subsection (2)( c ) or (4)( c ), including — (i) any matter concerning the trust governing the account; (ii) the extent (if any) to which the relevant money may be commingled with any other money; (iii) the manner in which the relevant money must be treated and dealt with, despite any other written law, on the occurrence of either or both of the following: (A) any event affecting the ability of the major payment institution or licensee to which subsection (2) or (4) applies to perform its obligations, such as in the event of the insolvency of the major payment institution or licensee; [Act 1 of 2021 wef 04/04/2024] (B) any event affecting the ability of the safeguarding institution to perform its obligations, such as in the event of the insolvency of the safeguarding institution; and (iv) the circumstances (if any) in which a major payment institution or licensee to which subsection (2) or (4) applies may withdraw money from the account; [Act 1 of 2021 wef 04/04/2024] ( c ) any matter concerning the safeguarding of relevant money in any manner mentioned in subsection (2)( d ) or (4)( d ), including — (i) the extent (if any) to which a major payment institution or licensee to which subsection (2) or (4) applies may commingle the relevant money with any other money; [Act 1 of 2021 wef 04/04/2024] (ii) the manner in which the relevant money must be treated and dealt with, despite any other written law, on the occurrence of any event affecting the ability of the major payment institution or licensee to which subsection (2) or (4) applies to perform its obligations, such as in the event of the insolvency of the major payment institution or licensee; and [Act 1 of 2021 wef 04/04/2024] (iii) where the relevant money is safeguarded by being deposited in an account (other than a trust account mentioned in subsection (2)( c ) or (4)( c )), the circumstances (if any) in which the major payment institution or licensee to which subsection (2) or (4) applies may withdraw any money from that account; [Act 1 of 2021 wef 04/04/2024] ( d ) the obligations of a major payment institution or licensee to which subsection (2) or (4) applies to record and maintain a separate book entry for each customer, in relation to that customer’s relevant money and, where applicable, e‑money and digital payment tokens; [Act 1 of 2021 wef 04/04/2024] ( e ) the obligations of a safeguarding institution that must be set out in a contract between a major payment institution or licensee to which subsection (2) or (4) applies and the safeguarding institution; [Act 1 of 2021 wef 04/04/2024] ( f ) the form of acknowledgment that a major payment institution or licensee to which subsection (2) or (4) applies must obtain from a safeguarding institution; [Act 1 of 2021 wef 04/04/2024] ( g ) the information that a major payment institution or licensee to which subsection (2) or (4) applies must provide to a safeguarding institution, including the date or time by which any relevant money must be safeguarded; [Act 1 of 2021 wef 04/04/2024] ( h ) the manner in which a major payment institution or licensee to which subsection (2) or (4) applies conducts its dealings with a customer for the purposes of safeguarding the customer’s relevant money, including the disclosure of any information to the customer; [Act 1 of 2021 wef 04/04/2024] ( i ) any other matters relating to this section. (6) Despite any other written law, where subsection (2)( b ) or (4)( b ) applies, the proceeds of the guarantee are payable, in the event of the insolvency of the major payment institution or licensee to which subsection (2) or (4) applies, into a separate trust account held by the major payment institution or licensee (as the case may be), which — ( a ) must be designated in such a way as to show that it is an account held for the purpose of safeguarding the relevant money in accordance with this section; and ( b ) must be used only for holding such proceeds on trust for each customer that had provided the relevant money to the major payment institution or licensee (as the case may be). [Act 1 of 2021 wef 04/04/2024] [Act 1 of 2021 wef 04/04/2024] (7) All moneys deposited in an account mentioned in subsection (2)( c ), (4)( c ), (5)( b ) or ( c )(iii) or (6) — ( a ) cannot be used for the payment of the debts of the major payment institution or licensee to which subsection (2) or (4) applies; and [Act 1 of 2021 wef 04/04/2024] ( b ) are not liable to be taken under or pursuant to an enforcement order or a process of any court. [Act 25 of 2021 wef 01/04/2022] (8) The Authority may, on the application of any person, by written notice grant approval, subject to such conditions as the Authority may specify in the notice, to any major payment institution or licensee to which subsection (2) or (4) applies to safeguard any relevant money in 2 or more of the manners mentioned in subsection (2)( a ) to ( d ) or (4)( a ) to ( d ). [Act 1 of 2021 wef 04/04/2024] (9) A major payment institution or licensee to which subsection (2) or (4) applies must notify the Authority, in such form or manner as the Authority may specify by written notice, of — ( a ) the manner mentioned in subsection (2)( a ) to ( d ) or (4)( a ) to ( d ) that the major payment institution or licensee (as the case may be) has chosen to safeguard the relevant money; [Act 1 of 2021 wef 04/04/2024] ( b ) the name of the safeguarding institution (if any) that will safeguard the relevant money in the manner mentioned in paragraph ( a ); and ( c ) any change to the manner mentioned in paragraph ( a ) that the major payment institution or licensee (as the case may be) has chosen to safeguard the relevant money. [Act 1 of 2021 wef 04/04/2024] [Act 1 of 2021 wef 04/04/2024] (10) Where the major payment institution or licensee to which subsection (2) or (4) applies is any of the following financial institutions, the major payment institution or licensee (as the case may be) must not concurrently be the safeguarding institution mentioned in paragraph ( a ) or ( b ) of the applicable subsection in relation to the relevant money received by the major payment institution or licensee (as the case may be) under the applicable subsection: ( a ) a bank licensed under the Banking Act 1970; ( b ) a merchant bank licensed under the Banking Act 1970; ( c ) a finance company licensed under the Finance Companies Act 1967; ( d ) any other financial institution that may be prescribed. [1/2020] [Act 1 of 2021 wef 04/04/2024] (11) A major payment institution or licensee mentioned in subsection (1) that contravenes subsection (2), (9) or (10), or fails to comply with any condition imposed under subsection (8), 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. [Act 1 of 2021 wef 04/04/2024] (12) A major payment institution or licensee mentioned in subsection (3) that contravenes subsection (4), (9) or (10), or fails to comply with any condition imposed under subsection (8), 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. [Act 1 of 2021 wef 04/04/2024] (13) [ Deleted by Act 1 of 2021 wef 04/04/2024 ] (14) In this section — “business day” means any day other than a Saturday, Sunday, public holiday or bank holiday; “relevant money” — ( a ) means any money — (i) that is received — (A) by a major payment institution from, or on account of, a customer in respect of any payment service mentioned in subsection (1)( a )(i), (ii) or (iii) or (3)( a ); (B) by a major payment institution prescribed for the purposes of subsection (1)( b ) or (3)( b ) from, or on account of, a customer in respect of any payment service prescribed in respect of the major payment institution; or (C) by a licensee prescribed for the purposes of subsection (1)( c ) or (3)( c ) from, or on account of, a customer in respect of any payment service prescribed in respect of the licensee; and (ii) that the major payment institution or licensee (as the case may be) — (A) where subsections (1) and (2) apply — continues to hold at the end of each business day; or (B) where subsections (3) and (4) apply — has held at any time and (in the case of an e-money issuance service) has issued specified e‑money in exchange for; but ( b ) does not include all of the following: (i) any money paid to the major payment institution or licensee (as the case may be) to reduce the amount owed to the major payment institution or licensee (as the case may be) by a customer; (ii) any money that is repaid by the major payment institution or licensee (as the case may be) to a customer; (iii) any money which is paid to the major payment institution or licensee (as the case may be), or which the major payment institution or licensee has informed a customer will be used, to defray any fee or charge imposed by the major payment institution or licensee for providing any


document_id: psa-2019
provision_ref: s24
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 24
title: Restrictions on personal payment account that contains e‑money
content:
24. —(1) A major payment institution that carries on a business of providing an account issuance service must — ( a ) ensure that the currency equivalent of the e‑money contained in a personal payment account issued by the major payment institution to a payment service user does not exceed the prescribed amount (or its equivalent in a foreign currency); ( b ) ensure that the total currency equivalent of the e‑money transferred in any period of one year, from a personal payment account issued by the major payment institution to a payment service user, other than to a personal deposit account that is either in the name of or designated by that payment service user, does not exceed the prescribed amount (or its equivalent in a foreign currency); and ( c ) if the major payment institution issues 2 or more personal payment accounts to any payment service user, ensure that — (i) the total currency equivalent of the e‑money contained in all personal payment accounts issued by the major payment institution to that payment service user does not exceed the prescribed amount (or its equivalent in a foreign currency); and (ii) the total currency equivalent of the e‑money transferred in any period of one year, from all personal payment accounts issued by the major payment institution to that payment service user, other than to any personal deposit account that is either in the name of or designated by that payment service user, does not exceed the prescribed amount (or its equivalent in a foreign currency). (2) In computing the total currency equivalent of the e‑money mentioned in subsection (1)( c )(i), a major payment institution may exclude — ( a ) the currency equivalent of any e-money contained in any small personal payment account issued by the major payment institution to a payment service user, if that small personal payment account does not have the same unique customer identifier as any other personal payment account issued by the major payment institution to that payment service user; ( b ) the currency equivalent of any e‑money contained in any bearer payment account issued by the major payment institution to that payment service user; and ( c ) the currency equivalent of any e‑money contained in any other payment account, of such type as may be prescribed, issued by the major payment institution to that payment service user. (3) In computing the total currency equivalent mentioned in subsection (1)( c )(ii) of the e‑money transferred, a major payment institution — ( a ) must include the currency equivalent of the e‑money transferred during each transfer from each personal payment account issued to a payment service user; but ( b ) despite paragraph ( a ), may exclude — (i) the currency equivalent of any e‑money transferred during a transfer from a small personal payment account issued to a payment service user, if that small personal payment account does not have the same unique customer identifier as any other personal payment account issued by the major payment institution to that payment service user; (ii) the currency equivalent of any e‑money transferred during a transfer from any bearer payment account issued by the major payment institution to that payment service user; and (iii) the currency equivalent of any e‑money transferred during a transfer from any other payment account, of such type as may be prescribed, issued by the major payment institution to that payment service user. (4) A major payment institution that contravenes subsection (1) 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 — “bearer payment account” means a payment account the title to which passes upon delivery of the medium associated with that payment account; “currency equivalent”, in relation to e‑money, means the value of the e‑money in the currency that the e‑money is denominated in or pegged to; “personal deposit account” means a deposit account held with a bank in Singapore that is used as a means of executing payment transactions other than in the course of business; “personal payment account” means a payment account issued to a payment service user — ( a ) that is used as a means of executing payment transactions other than in the course of business; and ( b ) to which any of the following applies: (i) the major payment institution that issued the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore; (ii) the issuer of the e‑money contained in the payment account has determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident in Singapore; (iii) the e‑money contained in the payment account is issued in Singapore, and both of the following apply: (A) the major payment institution that issued the payment account has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore; (B) the issuer of the e‑money contained in the payment account has not determined, according to such criteria as the Authority may specify by written notice, that the payment service user is resident outside Singapore; “small personal payment account” means a personal payment account containing e‑money the currency equivalent of which does not exceed $1,000 (or its equivalent in a foreign currency); “unique customer identifier” means any of the following unique identifiers that may be provided by a payment service user to a major payment institution at any time to facilitate the issue of a personal payment account by the major payment institution to the payment service user: ( a ) a national registration identity card number; ( b ) a foreign identification number; ( c ) a passport number; ( d ) an email address; ( e ) a mobile phone number; ( f ) any other unique identifier that may be prescribed.


document_id: psa-2019
provision_ref: s25
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 25
title: Powers of Authority to ensure interoperability between payment accounts and payment system
content:
25. —(1) The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) to do either or both of the following in order to ensure interoperability between any payment account or class of payment accounts issued by the payment service provider and a payment system: ( a ) to be a participant of the payment system, on such terms and conditions as the Authority may consider appropriate; ( b ) to enter into an arrangement with the operator of the payment system. (2) In considering whether to issue a written notice under subsection (1), the Authority must have regard to the following matters: ( a ) whether ensuring interoperability between those payment accounts and that payment system would be in the interests of the public; ( b ) the interests of the current participants and operator of that payment system; ( c ) the interests of persons who, in the future, may be required, or may desire, to be participants of the payment system; ( d ) such other matters as the Authority may consider to be relevant.


document_id: psa-2019
provision_ref: s26
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 26
title: Powers of Authority to ensure interoperability between payment systems
content:
26. —(1) The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) that operates a payment system to adopt any common standard, on such terms and conditions as the Authority may consider appropriate, in order to ensure interoperability between different payment systems operated by different payment service providers. (2) In considering whether to issue a written notice under subsection (1), the Authority must have regard to the following matters: ( a ) whether ensuring interoperability between different payment systems would be in the interests of the public; ( b ) the interests of every payment service provider that will be directed to adopt the common standard; ( c ) the interests of persons who, in the future, may be required, or may desire, to adopt the common standard; ( d ) such other matters as the Authority may consider to be relevant. (3) In this section, “common standard” means any technical standard or set of technical standards, containing characteristics or specifications for accepting a payment order or processing a payment transaction on a payment system, that the Authority may specify by written notice. Division 3 &#x2014; Control of controllers of licensees


document_id: psa-2019
provision_ref: s27
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 27
title: Application and interpretation of this Division
content:
27. —(1) This Division applies to — ( a ) every individual, whether or not resident in Singapore and whether or not a citizen of Singapore; and ( b ) every entity. (2) In this Division, unless the context otherwise requires, any reference to a licensee is a reference to a licensee incorporated in Singapore.


document_id: psa-2019
provision_ref: s28
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 28
title: Control of shareholding in licensee
content:
28. —(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2). (2) The Authority may approve an application made by any person under subsection (1) if the Authority is satisfied that — ( a ) having regard to the likely influence of the person, the licensee will or will continue to conduct its business prudently and comply with the provisions of this Act and any other written law administered by the Authority; ( b ) the person is, under the Guidelines on Fit and Proper Criteria, a fit and proper person to be a 20% controller of the licensee; and ( c ) it is in the public interest to do so. (3) An approval under subsection (2) may be granted to any person subject to such conditions as the Authority may impose, including but not limited to — ( a ) any condition restricting the person’s disposal or further acquisition of shares or voting power in the licensee; and ( b ) any condition restricting the person’s exercise of voting power in the licensee. (4) The Authority may at any time add to, vary or revoke any condition that is imposed under subsection (3) or this subsection. (5) Any condition imposed under subsection (3) or (4) has effect despite any provision of the Companies Act 1967 or anything contained in the constitution of the licensee. (6) Where the Authority refuses an application made by any person under subsection (1), the person must, within such period as the Authority may specify by written notice, take such steps (as soon as practicable after the refusal) as are necessary to cease to be a 20% controller of the licensee.


document_id: psa-2019
provision_ref: s29
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 29
title: Objection to existing control of licensee
content:
29. —(1) The Authority may serve a written notice of objection on any person that is, or is required to obtain or has obtained the Authority’s approval under section 28(2) to become, a 20% controller of a licensee, if the Authority is satisfied that — ( a ) any condition for approval under section 28(2) imposed on the person under section 28(3) or (4) has not been complied with; ( b ) it is not, or is no longer, in the public interest to allow the person to continue to be a 20% controller of the licensee; ( c ) the person has provided any false or misleading information or document in connection with an application under section 28(1); ( d ) the person is no longer a fit and proper person under the Guidelines on Fit and Proper Criteria; ( e ) having regard to the likely influence of the person, the licensee is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or ( f ) the Authority would not have been satisfied as to any of the matters specified in section 28(2) had the Authority been aware, at that time, of circumstances relevant to the person’s application under section 28(1). (2) Before serving a written notice of objection under subsection (1), the Authority must, unless the Authority decides that it is not practicable or desirable to do so — ( a ) notify the person of the Authority’s intention to serve the written notice of objection; and ( b ) specify a date by which the person may make written representations with regard to the proposed written notice of objection. (3) The Authority must consider any written representations that the Authority receives before the date mentioned in subsection (2)( b ), for the purpose of determining whether to issue a written notice of objection. (4) The Authority must, in any written notice of objection, specify a reasonable period within which the person that has been served the written notice of objection must — ( a ) cease to be a 20% controller of the licensee; or ( b ) comply with such direction as the Authority may make under section 30. (5) A person that has been served a written notice of objection must comply with that notice.


document_id: psa-2019
provision_ref: s30
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 30
title: Power of Authority to issue directions for this Division
content:
30. —(1) If the Authority is satisfied that a person has contravened section 28(1) or (6) or has failed to comply with any condition imposed under section 28(3) or (4), or if the Authority has served a written notice of objection under section 29, the Authority may, by written notice — ( a ) direct the transfer or disposal of all or any of the shares in the licensee held by the person or any of the person’s associates (called in this section the specified shares) within such time or subject to such conditions as the Authority considers appropriate; ( b ) restrict the transfer or disposal of all or any of the specified shares; or ( c ) make such other direction as the Authority considers appropriate. (2) Where the Authority has issued any direction under subsection (1)( a ) or imposed any restriction under subsection (1)( b ), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be — ( a ) no voting rights may be exercised in respect of the specified shares, unless the Authority expressly permits such rights to be exercised; ( b ) no shares of the licensee may be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares, unless the Authority expressly permits such issue or offer; and ( c ) except in a liquidation of the licensee, no payment may be made by the licensee of any amount (whether by way of dividends or otherwise) in respect of the specified shares, unless the Authority expressly authorises such payment. (3) Subsection (2) has effect despite any provision of the Companies Act 1967 or anything contained in the constitution of the licensee. (4) Any issue or offer of shares in contravention of subsection (2)( b ) is void, and a person to whom a direction has been issued under subsection (1)( a ) or on whom a restriction has been imposed under subsection (1)( b ) must immediately return those shares to the licensee, upon which the licensee must return to the person any payment received from the person in respect of those shares. (5) Any payment made by a licensee in contravention of subsection (2)( c ) is void, and a person to whom a direction has been issued under subsection (1)( a ) or on whom a restriction has been imposed under subsection (1)( b ) must immediately return the payment the person has received to the licensee.


document_id: psa-2019
provision_ref: s31
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 31
title: Power of Authority to obtain information relating to this Division
content:
31. —(1) The Authority may, by written notice, direct a licensee to obtain from any of its shareholders, and to provide to the Authority, any information relating to the shareholder that the Authority may require for either or both of the following purposes: ( a ) ascertaining or investigating into the control of shareholding or voting power in the licensee; ( b ) exercising any power or function under section 28, 29, 30, 32 or 100. (2) Without limiting subsection (1), the notice in subsection (1) may require the licensee to obtain and provide the following information: ( a ) whether the shareholder has an interest in any share in the licensee as beneficial owner or as trustee; ( b ) if the shareholder holds the interest in the share as trustee, to indicate as far as that shareholder is able to — (i) the person for whom that shareholder holds the interest (either by name or by other particulars sufficient to enable that person to be identified); and (ii) the nature of that person’s interest. (3) The Authority may, by written notice, require any shareholder ( X ) of a licensee, or any person ( Y ) that appears from information provided to the Authority under subsection (1) or this subsection to have an interest in any share in the licensee, to provide to the Authority any information relating to X or Y (as the case may be) that the Authority may require for either or both of the following purposes: ( a ) ascertaining or investigating into the control of shareholding or voting power in the licensee; ( b ) exercising any power or function under section 28, 29, 30, 32 or 100. (4) Without limiting subsection (3), the notice in subsection (3) may require X or Y to provide the following information: ( a ) whether X or Y holds the interest as beneficial owner or as trustee; ( b ) if X or Y holds the interest as trustee, to indicate as far as X or Y can — (i) the person ( Z ) for whom X or Y holds the interest (either by name or by other particulars sufficient to enable Z to be identified); and (ii) the nature of Z ’s interest; ( c ) whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 2(2)( c )(vi), and if so, to give particulars of the agreement or arrangement and the parties to it.


document_id: psa-2019
provision_ref: s32
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 32
title: Offences, penalties and defences
content:
32. —(1) A person that — ( a ) contravenes section 28(1) or (6) or 29(5) or does any act in contravention of section 30(2); ( b ) fails to comply with — (i) any written notice issued under section 30(1) or 31(1) or (3); or (ii) any condition imposed under section 28(3) or (4); or ( c ) in purported compliance with a written notice issued under section 31(1) or (3), knowingly or recklessly provides any information or document that is false or misleading in a material particular, shall be guilty of an offence. (2) A person convicted of an offence under subsection (1) shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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. (3) Where a person is charged with an offence in respect of a contravention of section 28(1) or (6), it is a defence for the person to prove that — ( a ) the person was not aware that the person had contravened section 28(1) or (6), as the case may be; and ( b ) within 14 days after becoming aware of the contravention, the person — (i) notified the Authority of the contravention; and (ii) within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the licensee as the Authority may direct. (4) Where a person is charged with an offence in respect of a contravention of section 28(1), it is also a defence for the person to prove that, even though the person was aware of the contravention — ( a ) the contravention occurred as a result of an increase in the shareholding as described in section 2(2)( a ) of, or in the voting power controlled by, any of the person’s associates described in section 2(2)( c )(i); ( b ) the person had no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate — (i) with respect to the acquisition, holding or disposal of shares or other interests in the licensee; or (ii) under which the person and that associate act together in exercising their voting power in relation to the licensee; and ( c ) within 14 days after the date of the contravention, the person — (i) notified the Authority of the contravention; and (ii) within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the licensee as the Authority may direct. (5) Except as provided in subsections (3) and (4), it is not a defence for a person charged with an offence in respect of a contravention of section 28(1) or (6) to prove that the person did not intend to, or did not knowingly, contravene that provision.


document_id: psa-2019
provision_ref: s33
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 33
title: Appeals to Minister
content:
33. Any person that is aggrieved by a decision of the Authority under section 28, 29 or 30 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final. Division 4 &#x2014; Control of officers of licensees


document_id: psa-2019
provision_ref: s34
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 34
title: Approval of chief executive officer, director or partner of licensee
content:
34. —(1) Subject to subsection (4) — ( a ) a licensee incorporated in Singapore must not appoint an individual as its chief executive officer or director; ( b ) a licensee incorporated outside Singapore must not appoint an individual as its chief executive officer, or its director, directly responsible for the whole or any part of the licensee’s business in Singapore; ( c ) a licensee that is a partnership or limited liability partnership formed in Singapore must not appoint an individual as its partner; and ( d ) a licensee that is a partnership or limited liability partnership formed outside Singapore must not appoint an individual as its partner directly responsible for the whole or any part of the licensee’s business in Singapore, unless the licensee has applied for and obtained the approval of the Authority under subsection (3)( b ). (2) An application under subsection (1) must be made in the form and manner prescribed. (3) Without affecting any other matter that the Authority may consider relevant, the Authority may — ( a ) in determining whether to grant its approval under paragraph ( b ), have regard to such criteria as the Authority may specify by written notice to the licensee; and ( b ) approve or refuse the application. (4) Where a licensee has obtained the approval of the Authority under subsection (3)( b ) to appoint an individual as the licensee’s chief executive officer or director, the individual may, without the approval of the Authority, be re‑appointed as chief executive officer or director (as the case may be) of the licensee immediately upon the expiry of the individual’s term of appointment. (5) Subject to subsection (6), the Authority must not refuse a licensee’s application under subsection (1) without giving the licensee an opportunity to be heard. (6) The Authority may refuse an application under subsection (1) for the Authority’s approval under subsection (3)( b ) of an individual without giving the licensee an opportunity to be heard, in any of the following circumstances: ( a ) the individual has been convicted, whether in Singapore or elsewhere, of any of the following offences, whether the offence is committed before, on or after 28 January 2020: (i) an offence involving fraud or dishonesty; (ii) an offence the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; (iii) an offence that is specified in the Third Schedule to the Registration of Criminals Act 1949; ( b ) the individual is an undischarged bankrupt, whether in Singapore or elsewhere; ( c ) the individual has had an enforcement order against the individual in respect of a judgment debt returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] ( d ) the individual has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation; ( e ) the individual has in force against the individual a prohibition order; [Act 18 of 2022 wef 31/07/2024] ( f ) the individual has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere — (i) that is being or has been wound up by a court; or (ii) the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the financial regulatory authority in that foreign country or territory. (7) Where the Authority refuses an application under subsection (1) for the Authority’s approval under subsection (3)( b ), the Authority need not give the individual who was proposed to be appointed an opportunity to be heard. (8) A licensee that, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000. (9) In this section, “chief executive officer”, in relation to a licensee incorporated outside Singapore, includes a person (however designated) who — ( a ) is in the direct employment of, or acting for or by arrangement with, the licensee; and ( b ) is directly responsible for the management and conduct of the whole or any part of the licensee’s business in Singapore.


document_id: psa-2019
provision_ref: s35
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 35
title: Removal of chief executive officer, director or partner of licensee
content:
35. —(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual appointed as chief executive officer, director or partner of a licensee incorporated or formed in Singapore is not a fit and proper person to act as such chief executive officer, director or partner, the Authority may, by written notice, direct the licensee to remove the individual, within such period as the Authority may specify in the notice — ( a ) from employment with the licensee; ( b ) as director of the licensee; or ( c ) as partner of the licensee. (2) Without affecting any other matter that the Authority may consider relevant, in assessing whether to direct the licensee to remove an individual under subsection (1), the Authority may consider whether the individual — ( a ) has been convicted, whether in Singapore or elsewhere, of any of the following offences, whether the offence is committed before, on or after 28 January 2020: (i) an offence involving fraud or dishonesty; (ii) an offence the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; (iii) an offence that is specified in the Third Schedule to the Registration of Criminals Act 1949; ( b ) is an undischarged bankrupt, whether in Singapore or elsewhere; ( c ) has had an enforcement order against the individual in respect of a judgment debt returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] ( d ) has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation; ( e ) has in force against the individual a prohibition order; [Act 18 of 2022 wef 31/07/2024] ( f ) has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere — (i) that is being or has been wound up by a court; or (ii) the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the financial regulatory authority in that foreign country or territory; ( g ) has wilfully contravened, or wilfully caused the licensee to contravene, any provision of this Act; ( h ) has, without reasonable excuse, failed to secure the compliance of the licensee with this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act; ( i ) has failed to discharge any of the duties of the individual’s office or employment; or ( j ) needs to be removed in the public interest. (3) Subject to subsection (4), before directing a licensee incorporated or formed in Singapore to remove an individual under subsection (1), the Authority must give both the licensee and the individual an opportunity to be heard. (4) The Authority may direct a licensee incorporated or formed in Singapore to remove an individual under subsection (1) on any of the following grounds without giving the licensee or the individual an opportunity to be heard: ( a ) the individual is an undischarged bankrupt, whether in Singapore or elsewhere; ( b ) the individual has been convicted, whether in Singapore or elsewhere, of an offence, whether committed before, on or after 28 January 2020 — (i) involving fraud or dishonesty, or the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; and (ii) punishable with imprisonment for a term of at least 3 months. (5) Without affecting the Authority’s power to impose conditions under section 6(7)( a ) or (10), the Authority may at any time, by written notice to a licensee incorporated or formed in Singapore, impose or vary a condition requiring the licensee to notify the Authority of any change to any particulars (such as residence in Singapore or elsewhere, or nature of appointment) of its chief executive officer, director or partner that may be specified in the notice. (6) A licensee incorporated or formed in Singapore that, without reasonable excuse — ( a ) fails to comply with a written notice under subsection (1); or ( b ) contravenes any condition imposed under subsection (5), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000. (7) No criminal or civil liability shall be incurred by a licensee, or any person acting on behalf of the licensee, in respect of anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of the obligations of the licensee under this section.


document_id: psa-2019
provision_ref: s36
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 36
title: Appeals to Minister
content:
36. —(1) A licensee incorporated or formed in Singapore that is aggrieved by a decision of the Authority under section 34(3)( b ) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final. (2) A licensee incorporated or formed in Singapore, or any chief executive officer, director or partner of that licensee, that is aggrieved by a written notice of the Authority under section 35(1) may, within 30 days after receiving the notice, appeal in writing to the Minister, whose decision is final. Division 5 &#x2014; Audit of licensees


document_id: psa-2019
provision_ref: s37
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 37
title: Auditing
content:
37. —(1) Despite the provisions of the Companies Act 1967, a licensee — ( a ) must, on an annual basis and at its own expense, appoint an auditor; and ( b ) if for any reason its auditor ceases to be its auditor, appoint another auditor as soon as practicable after such cessation. (2) The Authority may appoint an auditor for a licensee — ( a ) if the licensee fails to appoint an auditor; or ( b ) if the Authority considers it desirable that another auditor should act with the auditor appointed under subsection (1). (3) The Authority may at any time fix the remuneration to be paid by a licensee to an auditor appointed by the Authority under subsection (2) for the licensee. (4) The duties of an auditor appointed under subsection (1) or (2) are as follows: ( a ) to carry out, for the year in respect of which the auditor is appointed, an audit of the accounts of the licensee; ( b ) to carry out an audit of the transactions in relation to the payment services provided by the licensee, in particular, in respect of the licensee’s observance of the provisions of this Act and any of the requirements imposed under any other written law administered by the Authority; ( c ) to submit a report of the audit to the Authority in such form as may be prescribed and within such time as the Authority may allow; ( d ) to make a report — (i) in the case of a licensee incorporated in Singapore, on the financial statements or consolidated financial statements of the licensee in accordance with section 207 of the Companies Act 1967; or (ii) in the case of a licensee incorporated outside Singapore, on the latest annual balance sheet and profit and loss account of the licensee, together with any notes on that balance sheet and profit and loss account, showing the assets and liabilities and profit or loss arising out of the operations of the licensee in Singapore, that complies with section 207 of the Companies Act 1967. (5) The Authority may, by written notice to an auditor, impose all or any of the following duties on the auditor in addition to those provided under subsection (4), and the auditor must carry out the duties so imposed: ( a ) a duty to submit such additional information in relation to the audit as the Authority considers necessary; ( b ) a duty to enlarge or extend the scope of the audit of the licensee’s business and affairs; ( c ) a duty to carry out any other examination, or establish any procedure, in relation to the audit in any particular case; ( d ) a duty to submit a report on any of the matters mentioned in paragraphs ( b ) and ( c ). (6) The licensee must remunerate the auditor in respect of — ( a ) any remuneration the Authority has fixed under subsection (3); and ( b ) the discharge of all or any of the additional duties of the auditor imposed under subsection (5). (7) Despite any other provision of this Act or the provisions of the Companies Act 1967, the Authority may, if the Authority is not satisfied with the performance of any duty by the auditor of a licensee, at any time direct the licensee to — ( a ) remove the auditor; and ( b ) appoint another auditor. (8) The auditor’s report made under subsection (4)( d ) must be attached to the balance sheet and the profit and loss account, the financial statements or the consolidated financial statements (as the case may be) of the licensee, and a copy of the report, together with any report under subsection (5)( d ), must be submitted in writing to the Authority. (9) If an auditor, in the course of performing the auditor’s duties, is satisfied that any of the following matters has occurred, the auditor must immediately report that matter to the Authority: ( a ) there has been a serious breach or non‑observance of the provisions of this Act or any of the requirements imposed under any other written law administered by the Authority; ( b ) a criminal offence involving fraud or dishonesty has been committed; ( c ) losses have been incurred that reduce the capital of the licensee by at least 50%; ( d ) there is any irregularity that has or may have a material effect on the accounts of the licensee, including any irregularity that had caused a major disruption to the provision of any type of payment service to the customers of the licensee; ( e ) the auditor is unable to confirm that the claims of creditors of the licensee are still covered by the assets of the licensee. (10) Where an auditor or employee of the auditor discloses in good faith to the Authority — ( a ) the auditor’s or employee’s knowledge or suspicion of any of the matters mentioned in subsection (9); or ( b ) any information or other matter on which that knowledge or suspicion is based, the disclosure is not a breach of any restriction upon the disclosure imposed by any law, contract or rules of professional conduct, and the auditor or employee is not liable for any loss arising out of the disclosure or any act or omission in consequence of the disclosure. (11) 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. (12) An auditor that contravenes subsection (5) or (9) 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.


document_id: psa-2019
provision_ref: s38
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 38
title: Powers of auditor appointed by Authority
content:
38. —(1) An auditor appointed by the Authority under section 37(2) may, for the purpose of carrying out an examination or audit — ( a ) examine, on oath or affirmation, any officer or employee of the licensee or any other auditor of the licensee; ( b ) require any officer or employee of the licensee, or any other auditor of the licensee, to produce any books held by or on behalf of the licensee relating to the licensee’s business; ( c ) make copies of or take extracts from, or retain possession of, any books mentioned in paragraph ( b ) for such period as may be necessary to enable those books to be inspected; ( d ) employ such persons as the auditor considers necessary to assist the auditor in carrying out the examination or audit; and ( e ) authorise in writing any person employed by the auditor to do, in relation to the examination or audit, any act or thing that the auditor could do as an auditor under this subsection, other than the examination of a person on oath or affirmation. (2) An individual who, without reasonable excuse — ( a ) refuses or fails to answer any question put to the individual; or ( b ) fails to comply with any request made to the individual, by an auditor appointed under section 37(2) or a person authorised under subsection (1)( e ), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both.


document_id: psa-2019
provision_ref: s39
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 39
title: Restriction on auditor’s and employee’s right to communicate certain matters
content:
39. —(1) Except as may be necessary for the carrying into effect of the provisions of this Act or so far as may be required for the purposes of any legal proceedings, whether civil or criminal — ( a ) an auditor appointed under section 37(1) or (2); or ( b ) any employee of such auditor, must not disclose any information that comes to the auditor’s or employee’s knowledge in the course of performing the auditor’s or employee’s duties, to any person other than the Authority or, in the case of an employee of such auditor, the auditor. (2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of the auditor, to a fine not exceeding $25,000; or ( b ) in the case of the employee, to a fine not exceeding $12,500.


document_id: psa-2019
provision_ref: s40
chapter: PART 2 - LICENSING OF PAYMENT SERVICE PROVIDERS
section: 40
title: Offence to destroy, conceal, alter, etc., records
content:
40. —(1) An individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 37 or 38 — ( a ) destroys, conceals or alters any book relating to the business of a licensee; or ( b ) sends, or conspires with any other person to send, out of Singapore any book or asset of any description belonging to, in the possession of or under the control of the licensee, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (2) If, in any proceedings for an offence under subsection (1), it is proved that the individual charged with the offence — ( a ) destroyed, concealed or altered any book mentioned in subsection (1)( a ); or ( b ) sent, or conspired to send, out of Singapore any book or asset mentioned in subsection (1)( b ), the onus of proving that, in so doing, the individual did not act with intent to prevent, delay or obstruct the carrying out of an examination or audit under section 37 or 38 lies on the individual.


document_id: psa-2019
provision_ref: s41
chapter: PART 3 - PAYMENT SYSTEMS
section: 41
title: Provision of information to Authority
content:
41. —(1) The Authority may, by notice in the form and manner prescribed, require any of the following persons to provide to the Authority, within a reasonable period specified in the notice, such information relating to a payment system as the Authority may require: ( a ) any participant of the payment system; ( b ) any operator of the payment system, or any person acting on behalf of the operator; ( c ) any settlement institution of the payment system. (2) Without limiting subsection (1), the Authority may in a notice issued under that subsection require any person mentioned in paragraph ( a ), ( b ) or ( c ) of that subsection to provide, whether in the form of a return to be provided on a periodic basis or otherwise — ( a ) information relating to — (i) the operation of the payment system; and (ii) the pricing of, or other form of consideration for, the services offered by the payment system; ( b ) information relating to the participation or other involvement of that person in the payment system; and ( c ) such other information as the Authority may require for the purposes of this Act. (3) Subject to subsection (5), any person to whom a notice is issued under subsection (1) must comply with the notice. (4) A person that contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both 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. (5) A person to whom a notice is issued under subsection (1) is not obliged to disclose any information that the person is prohibited by any written law from disclosing. Division 2 &#x2014; Designation of payment systems


document_id: psa-2019
provision_ref: s42
chapter: PART 3 - PAYMENT SYSTEMS
section: 42
title: Power of Authority to designate payment systems
content:
42. —(1) The Authority may, by order in the Gazette , designate a payment system as a designated payment system for the purposes of this Act, if the Authority is satisfied that any of the following considerations applies: ( a ) a disruption in the operations of the payment system could — (i) trigger, cause or transmit further disruption to participants of the payment system; (ii) trigger or cause systemic disruption to the financial system of Singapore; or (iii) affect public confidence in the payment systems of Singapore or the financial system of Singapore; ( b ) the payment system is widely used in Singapore or the operations of the payment system may have an impact on the operations of one or more other payment systems in Singapore, and the designation is necessary to ensure efficiency or competitiveness in any of the services provided by the operator of the payment system; ( c ) the designation is otherwise in the interests of the public. (2) Any order made under subsection (1) — ( a ) must — (i) if the Authority is satisfied of any consideration in subsection (1)( a )(i), (ii) or (iii) or ( c ) — identify the operator and the settlement institution of the designated payment system; or (ii) if the Authority is satisfied of the consideration in subsection (1)( b ) — (A) state that the payment system is designated because the Authority is satisfied of the consideration in subsection (1)( b ); and (B) identify the operator of the designated payment system; and ( b ) continues to have effect until the order is withdrawn by the Authority. (3) Any operator or settlement institution of a payment system that is aggrieved by a decision of the Authority to designate the payment system as a designated payment system may, within 30 days after the date on which the order designating the payment system is published in the Gazette , appeal in writing to the Minister, whose decision is final. (4) Despite the lodging of an appeal under subsection (3), the designation by the Authority under this section continues to have effect pending the decision of the Minister. (5) The Minister may, when deciding an appeal under subsection (3), direct the Authority to withdraw the designation of the payment system as a designated payment system, and the direction takes effect from the date of the Minister’s decision.


document_id: psa-2019
provision_ref: s43
chapter: PART 3 - PAYMENT SYSTEMS
section: 43
title: Prohibition against holding out as designated payment system
content:
43. —(1) A person must not hold the person out as the operator or settlement institution of a designated payment system unless the payment system has been designated by the Authority under section 42. (2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 3 years or to both 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.


document_id: psa-2019
provision_ref: s44
chapter: PART 3 - PAYMENT SYSTEMS
section: 44
title: Power of Authority to impose conditions or restrictions
content:
44. —(1) The Authority may, by written notice, impose on a participant, an operator or a settlement institution of a designated payment system such conditions or restrictions as the Authority thinks fit. (2) The Authority may, at any time, by written notice to a participant, an operator or a settlement institution of the designated payment system, vary any condition or restriction. (3) Without limiting subsection (1) or (2), the conditions or restrictions that the Authority may impose include conditions or restrictions relating to any of the following matters: ( a ) the activities that the operator or settlement institution of the designated payment system may undertake; ( b ) the standards to be maintained by the operator or settlement institution of the designated payment system; ( c ) the requirement for the operator or settlement institution of the designated payment system to operate as a corporation. (4) A participant, operator or settlement institution of a designated payment system that fails to comply with any condition or restriction imposed under subsection (1) or (2) 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.


document_id: psa-2019
provision_ref: s45
chapter: PART 3 - PAYMENT SYSTEMS
section: 45
title: Withdrawal of designation of payment system
content:
45. —(1) The Authority may, by order in the Gazette , withdraw the designation of any designated payment system at any time if the Authority is of the opinion that the applicable consideration in section 42(1)( a )(i), (ii) or (iii), ( b ) or ( c ) is no longer valid or satisfied. (2) The Authority must not withdraw the designation of any designated payment system without giving the operator and the settlement institution of that designated payment system an opportunity to be heard.


document_id: psa-2019
provision_ref: s46
chapter: PART 3 - PAYMENT SYSTEMS
section: 46
title:
Exemptions applicable to operator, settlement institution or participant of payment system designated to ensure efficiency or competitiveness

content:
46. —(1) Section 50, Divisions 4 to 8 of this Part, and Part 5 do not apply to an operator of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)( b ). (2) Sections 44, 102 and 103, Divisions 3 to 8 of this Part, and Parts 4 and 5 do not apply to a settlement institution of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)( b ). (3) Division 4 of this Part does not apply to a participant of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)( b ). Division 3 &#x2014; Obligations of operators and settlement institutions of
designated payment systems


document_id: psa-2019
provision_ref: s47
chapter: PART 3 - PAYMENT SYSTEMS
section: 47
title: Obligation of operator or settlement institution to have place of business or registered office
content:
47. —(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must, within such period, after the date on which the order under section 42(1) designating that payment system is published in the Gazette , as the Authority may specify by written notice, establish a permanent place of business or a registered office in Singapore. (2) The operator or settlement institution must appoint a person to be present, on such days and at such hours as the Authority may specify by written notice, at the permanent place of business or registered office of the operator or settlement institution, to address any queries or complaints from any customer of the operator or settlement institution. (3) The operator or settlement institution must keep, or cause to be kept, at the permanent place of business or registered office of the operator or settlement institution, books of all the transactions of the operator or settlement institution in relation to the designated payment system. (4) The operator or settlement institution must notify the Authority of any change in the address of any of the following places within such period, after the date of that change, as the Authority may specify by written notice: ( a ) the permanent place of business or registered office in Singapore of the operator or settlement institution; ( b ) every other place of business of the operator or settlement institution. (5) A person that contravenes subsection (1), (2) or (3) 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. (6) A person that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.


document_id: psa-2019
provision_ref: s48
chapter: PART 3 - PAYMENT SYSTEMS
section: 48
title: Obligation of operator or settlement institution to notify Authority of certain events
content:
48. —(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence: ( a ) an intention to make a material change to the nature of the operating rules, settlement procedures or activities of the designated payment system; ( b ) an event or irregularity that impedes or prevents access to, or impairs the usual operations of, the designated payment system or its settlement operations; ( c ) any material function of the operator or settlement institution that is outsourced; ( d ) any civil or criminal proceeding instituted against the operator or settlement institution, whether in Singapore or elsewhere; ( e ) the operator or settlement institution being or becoming, or being likely to become, insolvent or unable to meet any of the financial, statutory, contractual or other obligations of the operator or settlement institution; ( f ) any disciplinary action taken against the operator or settlement institution by any regulatory authority (other than the Authority), whether in Singapore or elsewhere; ( g ) any significant change to the regulatory requirements imposed on the operator or settlement institution by any regulatory authority (other than the Authority), whether in Singapore or elsewhere; ( h ) any other event that the Authority may prescribe or specify by written notice. (2) An operator of a designated payment system, and a settlement institution of a designated payment system, must notify the Authority of the occurrence of any of the following events within 14 days after the date of that occurrence: ( a ) any change of a director or the chief executive officer of the operator or settlement institution, except where the operator is required under section 65 to obtain the Authority’s approval to appoint the director or chief executive officer; ( b ) any other event that the Authority may prescribe or specify by written notice. (3) A person that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.


document_id: psa-2019
provision_ref: s49
chapter: PART 3 - PAYMENT SYSTEMS
section: 49
title: Obligation of operator to submit periodic reports
content:
49. —(1) An operator of a designated payment system must submit to the Authority such reports or returns in the form, manner and frequency prescribed. (2) A person that contravenes subsection (1) 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.


document_id: psa-2019
provision_ref: s50
chapter: PART 3 - PAYMENT SYSTEMS
section: 50
title: Obligation of operator to notify Authority of businesses and acquisition of corporations
content:
50. —(1) An operator of a designated payment system must notify the Authority of the occurrence of any of the following events as soon as practicable after the occurrence of that event: ( a ) the carrying on of any business by the operator other than — (i) the business of operating a payment system; (ii) a business incidental to operating a payment system; or (iii) such business or class of businesses as the Authority may prescribe; ( b ) the acquisition by the operator of a substantial shareholding in a corporation that does not carry on — (i) the business of operating a payment system; (ii) a business incidental to operating a payment system; or (iii) such business or class of businesses as the Authority may prescribe. (2) An operator of a designated payment system must, within 2 months after the date of the designation of the payment system, notify the Authority of its substantial shareholding in a corporation that does not carry on — ( a ) the business of operating a payment system; ( b ) a business incidental to operating a payment system; or ( c ) such business or class of businesses as the Authority may prescribe. (3) The Authority may, at any time after receiving a notification mentioned in subsection (1) or (2), by written notice direct the operator of the designated payment system — ( a ) where the notification relates to a matter mentioned in subsection (1)( a ) — (i) to cease carrying on the firstmentioned business in subsection (1)( a ); or (ii) to carry on the firstmentioned business in subsection (1)( a ) subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes mentioned in section 102(1); or ( b ) where the notification relates to a matter mentioned in subsection (1)( b ) or (2) — (i) to dispose of the shareholding mentioned in subsection (1)( b ) or (2); or (ii) to exercise the operator’s rights relating to such shareholding subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes mentioned in section 102(1). (4) An operator of a designated payment system, to whom the Authority has issued a written notice under subsection (3), must comply with the directions contained in the notice. (5) A person that contravenes subsection (1), (2) or (4) 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. Division 4 &#x2014; Access regime


document_id: psa-2019
provision_ref: s51
chapter: PART 3 - PAYMENT SYSTEMS
section: 51
title: Power of Authority to impose access regime
content:
51. —(1) The Authority may, by order in the Gazette , impose an access regime in respect of a relevant payment system on one or more of the following persons or classes of persons, on such terms and conditions as the Authority may consider appropriate: ( a ) a participant or class of participants of that payment system; ( b ) an operator, or a class of operators, of that payment system; ( c ) a settlement institution or class of settlement institutions of that payment system; ( d ) any other person or class of persons that determines access to that payment system. (2) In considering whether to impose an access regime under subsection (1) in respect of a relevant payment system, the Authority must have regard to the following matters: ( a ) whether the imposition of that access regime would be in the interests of the public; ( b ) the interests of the current participants, operator and settlement institution of that payment system; ( c ) the interests of persons who, in the future, may require or desire access to that payment system; ( d ) such other matters as the Authority may consider to be relevant. (3) The Authority, in imposing an access regime under subsection (1), must ensure that the access regime is fair and not discriminatory.


document_id: psa-2019
provision_ref: s52
chapter: PART 3 - PAYMENT SYSTEMS
section: 52
title: Variation of access regime
content:
52. —(1) The Authority may, by order in the Gazette , vary an access regime that has been imposed under section 51 in respect of a relevant payment system, on such terms and conditions as the Authority may consider appropriate. (2) In considering whether to vary under subsection (1) an access regime in respect of a relevant payment system, the Authority must have regard to the following matters: ( a ) whether the variation of that access regime would be in the interests of the public; ( b ) the interests of the current participants, operator and settlement institution of that payment system; ( c ) the interests of persons who, in the future, may require or desire access to that payment system; ( d ) such other matters as the Authority may consider to be relevant.


document_id: psa-2019
provision_ref: s53
chapter: PART 3 - PAYMENT SYSTEMS
section: 53
title: Cessation and revocation of access regime
content:
53. —(1) An access regime in respect of a relevant payment system ceases to be in force if — ( a ) the order imposing or varying the access regime under section 51(1) or 52(1) (as the case may be) provides for an expiry date, and that date is reached; ( b ) the Authority revokes the access regime under subsection (2); or ( c ) the payment system concerned ceases to exist or operate, or ceases to be a relevant payment system. (2) The Authority may, by order in the Gazette , revoke an access regime if the Authority considers it appropriate to do so. (3) In considering whether to revoke under subsection (2) an access regime in respect of a relevant payment system, the Authority must have regard to the following matters: ( a ) whether the revocation of that access regime would be in the interests of the public; ( b ) the interests of the current participants, operator and settlement institution of that payment system; ( c ) the interests of persons who, in the future, may require or desire access to that payment system; ( d ) such other matters as the Authority may consider to be relevant.


document_id: psa-2019
provision_ref: s54
chapter: PART 3 - PAYMENT SYSTEMS
section: 54
title: Right to apply to General Division of High Court in respect of access regime
content:
54. —(1) If a person has been denied access to a payment system by any participant, operator, settlement institution or other person that determines access to the payment system, in contravention of a term or condition of the access regime imposed under section 51(1) or 52(1), the person denied access may apply to the General Division of the High Court for an order under subsection (3). [40/2019] (2) An applicant for an order under subsection (1) must give to the Authority a written notice of the application together with a copy of the application, and the Authority may apply to the General Division of the High Court to be joined as a party to the proceedings. [40/2019] (3) If the General Division of the High Court is satisfied that any participant, operator, settlement institution or other person that determines access to a payment system has contravened a term or condition of the access regime, the General Division of the High Court may — ( a ) order that participant, operator, settlement institution or other person to comply with that term or condition of the access regime; ( b ) order that participant, operator, settlement institution or other person to compensate any person that has suffered loss or damage as a result of the contravention; or ( c ) make such other order as the General Division of the High Court thinks fit. [40/2019] (4) The General Division of the High Court may, on an application by any person that has a sufficient interest or on its own motion, discharge or vary any order made under this section, but must not discharge or vary that order unless the Authority has a reasonable opportunity to make representations to the General Division of the High Court. [40/2019] Division 5 &#x2014; Voluntary transfer of business


document_id: psa-2019
provision_ref: s55
chapter: PART 3 - PAYMENT SYSTEMS
section: 55
title: Interpretation of this Division
content:
55. In this Division, unless the context otherwise requires — “business” includes affairs, property, right, obligation and liability; “Court” means the General Division of the High Court; “debenture” has the meaning given by section 4(1) of the Companies Act 1967; “property” includes property, right and power of every description; “Registrar of Companies” means the Registrar of Companies appointed under the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies appointed under that Act; “transferee” means a person that is carrying on, or that intends to carry on, in Singapore the usual business of an operator or a settlement institution of a designated payment system, to which the whole or any part of a transferor’s business is, is to be or is proposed to be transferred under section 56(1); “transferor” means an operator or a settlement institution of a designated payment system the whole or any part of the business of which is, is to be, or is proposed to be transferred under section 56(1). [40/2019]


document_id: psa-2019
provision_ref: s56
chapter: PART 3 - PAYMENT SYSTEMS
section: 56
title: Voluntary transfer of business
content:
56. —(1) A transferor may transfer the whole or any part of its business (including any business that is not the usual business of an operator or a settlement institution of a designated payment system) to a transferee, if — ( a ) the Authority has consented to the transfer; ( b ) the transfer involves the whole or any part of the business of the transferor that is the usual business of an operator or a settlement institution of a designated payment system; and ( c ) the Court has approved the transfer. (2) Subsection (1) does not apply to the transfer, by an operator or a settlement institution of a designated payment system, of the whole or any part of the business of that operator or settlement institution under any other law. (3) The Authority may consent to a transfer under subsection (1)( a ) if the Authority is satisfied that — ( a ) the transferee is a fit and proper person under the Guidelines on Fit and Proper Criteria; and ( b ) the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act. (4) The Authority may at any time appoint one or more persons to perform an independent assessment of, and provide a report on, the proposed transfer of a transferor’s business (or any part of that business) under subsection (1). (5) The remuneration and expenses of any person appointed under subsection (4) must be paid by the transferor and the transferee jointly and severally. (6) The Authority must serve a copy of any report provided under subsection (4) on the transferor and the transferee. (7) The Authority may require a person to provide, within the period and in the manner specified by the Authority, any information or document that the Authority may reasonably require for the discharge of the Authority’s duties or functions, or the exercise of the Authority’s powers, under this section and section 57. (8) A person that — ( a ) without reasonable excuse, fails to comply with any requirement under subsection (7); or ( b ) in purported compliance with any requirement under subsection (7), knowingly or recklessly provides any information or document that is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction. (9) Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection (7), that the information or document might tend to incriminate the person, the information or document is not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (8).


document_id: psa-2019
provision_ref: s57
chapter: PART 3 - PAYMENT SYSTEMS
section: 57
title: Approval of transfer
content:
57. —(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under section 56(1). (2) Before making an application under subsection (1) — ( a ) the transferor must lodge with the Authority a report setting out such details of the transfer and provide such supporting documents as the Authority may specify by written notice; ( b ) the transferor must obtain the consent of the Authority under section 56(1)( a ); ( c ) the transferor and the transferee must, if they intend to serve on their respective customers a summary of the transfer, obtain the Authority’s approval of the summary; ( d ) the transferor must, at least 15 days before the application is made but not earlier than one month after the report mentioned in paragraph ( a ) is lodged with the Authority, publish in the Gazette , and in such newspaper or newspapers as the Authority may determine, a notice of the transferor’s intention to make the application and containing such other particulars as may be prescribed; ( e ) the transferor and the transferee must keep at their respective offices in Singapore, for inspection by any person that may be affected by the transfer, a copy of the report mentioned in paragraph ( a ) for a period of 15 days after the publication of the notice mentioned in paragraph ( d ) in the Gazette ; and ( f ) unless the Court directs otherwise, the transferor and the transferee must serve on their respective customers affected by the transfer, at least 15 days before the application is made, a copy of the report mentioned in paragraph ( a ) or a summary of the transfer approved by the Authority under paragraph ( c ). (3) The Authority and any person that, in the opinion of the Court, is likely to be affected by the transfer — ( a ) has the right to appear before and be heard by the Court in any proceedings relating to the transfer; and ( b ) may make any application to the Court in relation to the transfer. (4) The Court must not approve the transfer if the Authority has not consented under section 56(1)( a ) to the transfer. (5) The Court may, after taking into consideration the views (if any) of the Authority on the transfer — ( a ) approve the transfer without modification or subject to any modification agreed to by the transferor and the transferee; or ( b ) refuse to approve the transfer. (6) If the transferee is not identified under section 42(2) as the operator or settlement institution of the designated payment system, the Court may approve the transfer on terms that the transfer is to take effect only in the event of the transferee being so identified. (7) The Court may by the order approving the transfer or by any subsequent order provide for all or any of the following matters: ( a ) the transfer to the transferee of the whole or any part of the business of the transferor; ( b ) the allotment or appropriation by the transferee of any share, debenture, policy or other interest in the transferee which under the transfer is to be allotted or appropriated by the transferee to or for any person; ( c ) the continuation by (or against) the transferee of any legal proceedings pending by (or against) the transferor; ( d ) the dissolution, without winding up, of the transferor; ( e ) the provisions to be made for persons affected by the transfer; ( f ) such incidental, consequential and supplementary matters as are, in the opinion of the Court, necessary to secure that the transfer is fully effective. (8) Any order under subsection (7) may — ( a ) provide for the transfer of any business, whether or not the transferor otherwise has the capacity to effect the transfer in question; ( b ) make provision in relation to any property which is held by the transferor as trustee; and ( c ) make provision as to any future or contingent right or liability of the transferor, including provision as to the construction of any instrument under which any such right or liability may arise. (9) Subject to subsection (10), where an order made under subsection (7) provides for the transfer to the transferee of the whole or any part of the transferor’s business, then by virtue of the order the business (or part of the business) of the transferor specified in the order must be transferred to and vest in the transferee, free in the case of any particular property (if the order so directs) from any charge which by virtue of the transfer is to cease to have effect. (10) No order under subsection (7) has any effect or operation in transferring or otherwise vesting land in Singapore until the appropriate entries are made with respect to the transfer or vesting of that land by the appropriate authority. (11) If any business specified in an order under subsection (7) is governed by the law of any foreign country or territory, the Court may order the transferor to take all necessary steps for securing that the transfer of the business to the transferee is fully effective under the law of that country or territory. (12) Where an order is made under this section, the transferor and the transferee must each lodge within 7 days after the order is made — ( a ) a copy of the order with the Registrar of Companies and with the Authority; and ( b ) where the order relates to land in Singapore, an office copy of the order with the appropriate authority concerned with the registration or recording of dealings in that land. (13) A transferor or transferee that contravenes subsection (12), and every officer of the transferor or transferee (as the case may be) who fails to take all reasonable steps to secure compliance by the transferor or transferee (as the case may be) with that subsection, shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $2,000 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction. Division 6 &#x2014; Control of controllers of operators of designated
payment systems


document_id: psa-2019
provision_ref: s58
chapter: PART 3 - PAYMENT SYSTEMS
section: 58
title: Application and interpretation of this Division
content:
58. —(1) This Division applies to — ( a ) every individual, whether or not resident in Singapore and whether or not a citizen of Singapore; and ( b ) every entity. (2) In this Division, unless the context otherwise requires — ( a ) any reference to an operator is a reference to an operator of a designated payment system; and ( b ) any reference to a Singapore operator is a reference to a Singapore operator of a designated payment system.


document_id: psa-2019
provision_ref: s59
chapter: PART 3 - PAYMENT SYSTEMS
section: 59
title: Control of shareholding in operator
content:
59. —(1) A person must not become — ( a ) a 5% controller; ( b ) a 12% controller; ( c ) a 20% controller; or ( d ) an indirect controller, of an operator without first applying for and obtaining the approval of the Authority under subsection (3). (2) A person must not enter into any agreement or arrangement (whether oral or in writing and whether express or implied) to act together with any other person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in an operator, without first applying for and obtaining the approval of the Authority under subsection (3). (3) The Authority may approve an application made by any person under subsection (1) or (2) if the Authority is satisfied that — ( a ) having regard to the likely influence of the person, the operator will or will continue to conduct its business prudently and comply with the provisions of this Act; ( b ) in the case of an application made under subsection (1), the person is, under the Guidelines on Fit and Proper Criteria, a fit and proper person to be a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator; ( c ) in the case of an application made under subsection (2), the person is, under the Guidelines on Fit and Proper Criteria, a fit and proper person to be a party to the agreement or arrangement; and ( d ) it is in the public interest to do so. (4) An approval under subsection (3) may be granted to any person subject to such conditions as the Authority may impose, including but not limited to — ( a ) any condition restricting the person’s disposal or further acquisition of shares or voting power in the operator; and ( b ) any condition restricting the person’s exercise of voting power in the operator. (5) The Authority may at any time add to, vary or revoke any condition that is imposed under subsection (4) or this subsection. (6) Any condition imposed under subsection (4) or (5) has effect despite any provision of the Companies Act 1967 or anything contained in the constitution of the operator. (7) Where the Authority refuses an application made by any person under subsection (1) or (2), the person must, within such period as the Authority may specify by written notice, take such steps (as soon as practicable after the refusal) as are necessary — ( a ) in the case of an application under subsection (1) for approval to be a 5% controller or a 12% controller of an operator, to cease to be a 5% controller or a 12% controller (as the case may be) of the operator; ( b ) in the case of an application under subsection (1) for approval to be a 20% controller or an indirect controller of an operator, to cease to be a 20% controller or an indirect controller (as the case may be) of the operator; or ( c ) in the case of an application made under subsection (2), to cease to be a party to the agreement or arrangement.


document_id: psa-2019
provision_ref: s60
chapter: PART 3 - PAYMENT SYSTEMS
section: 60
title: Objection to existing control of operator
content:
60. —(1) The Authority may serve a written notice of objection on any person that is a 5% controller, a 12% controller, a 20% controller or an indirect controller of an operator, or is required to obtain or has obtained the Authority’s approval under section 59(3) of an application made under section 59(1) or (2), if the Authority is satisfied that — ( a ) any condition for that approval imposed on the person under section 59(4) or (5) has not been complied with; ( b ) it is no longer in the public interest to allow the person to continue to be — (i) a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator; or (ii) in the case of an approval of an application under section 59(2) — a party to the agreement or arrangement described in section 59(2); ( c ) the person has provided any false or misleading information or document in connection with an application under section 59(1) or (2); ( d ) the person is no longer a fit and proper person under the Guidelines on Fit and Proper Criteria; ( e ) having regard to the likely influence of the person, the operator is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or ( f ) the Authority would not have been satisfied as to any of the matters specified in section 59(3) had the Authority been aware, at that time, of circumstances relevant to the person’s application under section 59(1) or (2). (2) Before serving a written notice of objection under subsection (1), the Authority must, unless the Authority decides that it is not practicable or desirable to do so — ( a ) notify the person of the Authority’s intention to serve the written notice of objection; and ( b ) specify a date by which the person may make written representations with regard to the proposed written notice of objection. (3) The Authority must consider any written representations that the Authority receives before the date mentioned in subsection (2)( b ), for the purpose of determining whether to issue a written notice of objection. (4) The Authority must, in any written notice of objection, specify a reasonable period within which the person that has been served the written notice of objection must — ( a ) cease to be a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator; ( b ) if the person had made an application under section 59(2) — take such steps as are necessary to cease to be a party to the agreement or arrangement described in section 59(2); or ( c ) comply with such direction as the Authority may make under section 61. (5) A person that has been served with a written notice of objection must comply with that notice.


document_id: psa-2019
provision_ref: s61
chapter: PART 3 - PAYMENT SYSTEMS
section: 61
title: Power of Authority to issue directions for this Division
content:
61. —(1) If the Authority is satisfied that a person has contravened section 59(1), (2) or (7) or has failed to comply with any condition imposed under section 59(4) or (5), or if the Authority has served a written notice of objection under section 60, the Authority may, by written notice — ( a ) direct the transfer or disposal of all or any of the shares in the operator held by the person or any of the person’s associates (called in this section the specified shares) within such time or subject to such conditions as the Authority considers appropriate; ( b ) restrict the transfer or disposal of all or any of the specified shares; or ( c ) make such other direction as the Authority considers appropriate. (2) Where the Authority has issued any direction under subsection (1)( a ) or imposed any restriction under subsection (1)( b ), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be — ( a ) no voting rights may be exercised in respect of the specified shares, unless the Authority expressly permits such rights to be exercised; ( b ) no shares of the operator may be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares, unless the Authority expressly permits such issue or offer; and ( c ) except in a liquidation of the operator, no payment may be made by the operator of any amount (whether by way of dividends or otherwise) in respect of the specified shares, unless the Authority expressly authorises such payment. (3) Subsection (2) has effect despite any provision of the Companies Act 1967 or anything contained in the constitution of the operator. (4) Any issue or offer of shares in contravention of subsection (2)( b ) is void, and a person to whom a direction has been issued under subsection (1)( a ) or on whom a restriction has been imposed under subsection (1)( b ) must immediately return those shares to the operator, upon which the operator must return to the person any payment received from the person in respect of those shares. (5) Any payment made by an operator in contravention of subsection (2)( c ) is void, and a person to whom a direction has been issued under subsection (1)( a ) or on whom a restriction has been imposed under subsection (1)( b ) must immediately return the payment the person has received to the operator.


document_id: psa-2019
provision_ref: s62
chapter: PART 3 - PAYMENT SYSTEMS
section: 62
title: Power of Authority to obtain information relating to this Division
content:
62. —(1) The Authority may, by written notice, direct an operator to obtain from any of its shareholders, and to provide to the Authority, any information relating to the shareholder that the Authority may require for either or both of the following purposes: ( a ) ascertaining or investigating into the control of shareholding or voting power in the operator; ( b ) exercising any power or function under section 59, 60, 61, 63 or 100. (2) Without limiting subsection (1), the notice in subsection (1) may require the operator to obtain and provide the following information: ( a ) whether the shareholder has an interest in any share in the operator as beneficial owner or as trustee; ( b ) if the shareholder holds the interest in the share as trustee, to indicate as far as that shareholder is able to — (i) the person for whom that shareholder holds the interest (either by name or by other particulars sufficient to enable that person to be identified); and (ii) the nature of that person’s interest. (3) The Authority may, by written notice, require any shareholder ( X ) of an operator, or any person ( Y ) that appears from information provided to the Authority under subsection (1) or this subsection to have an interest in any share in the operator, to provide to the Authority any information relating to X or Y (as the case may be) that the Authority may require for either or both of the following purposes: ( a ) ascertaining or investigating into the control of shareholding or voting power in the operator; ( b ) exercising any power or function under section 59, 60, 61, 63 or 100. (4) Without limiting subsection (3), the notice in subsection (3) may require X or Y to provide the following information: ( a ) whether X or Y holds the interest as beneficial owner or as trustee; ( b ) if X or Y holds the interest as trustee, to indicate as far as X or Y can — (i) the person ( Z ) for whom X or Y holds the interest (either by name or by other particulars sufficient to enable Z to be identified); and (ii) the nature of Z ’s interest; ( c ) whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 2(2)( c )(vi) or 59(2), and if so, to give particulars of the agreement or arrangement and the parties to it.


document_id: psa-2019
provision_ref: s63
chapter: PART 3 - PAYMENT SYSTEMS
section: 63
title: Offences, penalties and defences
content:
63. —(1) A person that contravenes section 59(1)( a ) or ( b ), (2) or (7)( a ) or ( c ) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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. (2) A person that — ( a ) contravenes section 59(1)( c ) or ( d ) or (7)( b ) or 60(5) or does any act in contravention of section 61(2); ( b ) fails to comply with — (i) any written notice issued under section 61(1) or 62(1) or (3); or (ii) any condition imposed under section 59(4) or (5); or ( c ) in purported compliance with a written notice issued under section 62(1) or (3), knowingly or recklessly provides any information or document that is false or misleading in a material particular, shall be guilty of an offence. (3) A person convicted of an offence under subsection (2) shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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. (4) Where a person is charged with an offence in respect of a contravention of section 59(1), (2) or (7) in relation to an operator, it is a defence for the person to prove that — ( a ) the person was not aware that the person had contravened section 59(1), (2) or (7), as the case may be; and ( b ) within 14 days after becoming aware of the contravention, the person — (i) notified the Authority of the contravention; and (ii) within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the operator as the Authority may direct. (5) Where a person is charged with an offence in respect of a contravention of section 59(1) in relation to an operator, it is also a defence for the person to prove that, even though the person was aware of the contravention — ( a ) the contravention occurred as a result of an increase in the shareholding as described in section 2(2)( a ) of, or in the voting power controlled by, any of the person’s associates described in section 2(2)( c )(i); ( b ) the person had no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate — (i) with respect to the acquisition, holding or disposal of shares or other interests in the operator; or (ii) under which the person and that associate act together in exercising their voting power in relation to the operator; and ( c ) within 14 days after the date of the contravention, the person — (i) notified the Authority of the contravention; and (ii) within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the operator as the Authority may direct. (6) Except as provided in subsections (4) and (5), it is not a defence for a person charged with an offence in respect of a contravention of section 59(1), (2) or (7) to prove that the person did not intend to, or did not knowingly, contravene that provision.


document_id: psa-2019
provision_ref: s64
chapter: PART 3 - PAYMENT SYSTEMS
section: 64
title: Appeals to Minister
content:
64. Any person that is aggrieved by a decision of the Authority under section 59, 60 or 61 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final. Division 7 &#x2014; Control of officers of operators and settlement
institutions of designated payment systems


document_id: psa-2019
provision_ref: s65
chapter: PART 3 - PAYMENT SYSTEMS
section: 65
title: Approval of chief executive officer or director of operator
content:
65. —(1) Subject to subsection (4) — ( a ) a Singapore operator of a designated payment system must not appoint an individual as its chief executive officer or director; and ( b ) any other operator of a designated payment system must not appoint an individual as its chief executive officer, or director, directly responsible for the whole or any part of that operator’s business in Singapore, unless that operator has applied for and obtained the approval of the Authority under subsection (3)( b ). (2) An application under subsection (1) must be made in the form and manner prescribed. (3) Without affecting any other matter that the Authority may consider relevant, the Authority may — ( a ) in determining whether to grant its approval under paragraph ( b ), have regard to such criteria as may be prescribed; and ( b ) approve or refuse the application. (4) Where an operator has obtained the approval of the Authority under subsection (3)( b ) to appoint an individual as the operator’s chief executive officer or director, the individual may, without the approval of the Authority, be re‑appointed as chief executive officer or director (as the case may be) of the operator immediately upon the expiry of the individual’s term of appointment. (5) Subject to subsection (6), the Authority must not refuse an application for approval of an individual under subsection (1) without giving the operator an opportunity to be heard. (6) The Authority may refuse an application under subsection (1) for the Authority’s approval under subsection (3)( b ) of an individual without giving the operator an opportunity to be heard, in any of the following circumstances: ( a ) the individual has been convicted, whether in Singapore or elsewhere, of any of the following offences, whether the offence is committed before, on or after 28 January 2020: (i) an offence involving fraud or dishonesty; (ii) an offence the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; (iii) an offence that is specified in the Third Schedule to the Registration of Criminals Act 1949; ( b ) the individual is an undischarged bankrupt, whether in Singapore or elsewhere; ( c ) the individual has had an enforcement order against the individual in respect of a judgment debt returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] ( d ) the individual has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation; ( e ) the individual has in force against the individual a prohibition order; [Act 18 of 2022 wef 31/07/2024] ( f ) the individual has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere — (i) that is being or has been wound up by a court; or (ii) the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the financial regulatory authority in that foreign country or territory. (7) Where the Authority refuses an application under subsection (1) for the Authority’s approval under subsection (3)( b ), the Authority need not give the individual who was proposed to be appointed an opportunity to be heard. (8) An operator of a designated payment system must, as soon as practicable, give written notice to the Authority of the resignation or removal of the chief executive officer or any director of the operator. (9) An operator that, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000. (10) In this section, “chief executive officer”, in relation to an operator mentioned in subsection (1)( b ), includes a person (however designated) who — ( a ) is in the direct employment of, or acting for or by arrangement with, the operator; and ( b ) is directly responsible for the management and conduct of the whole or any part of the operator’s business in Singapore.


document_id: psa-2019
provision_ref: s66
chapter: PART 3 - PAYMENT SYSTEMS
section: 66
title: Removal of executive officer or director of operator or settlement institution
content:
66. —(1) Despite the provisions of any other written law — ( a ) where the Authority is satisfied that an individual appointed as an executive officer of an operator or a settlement institution of a designated payment system is not a fit and proper person to act as such executive officer, the Authority may, by written notice, direct that operator or settlement institution to remove that individual, within such period as the Authority may specify in the notice, from employment with that operator or settlement institution; and ( b ) where the Authority is satisfied that an individual appointed as a director of a Singapore operator or a Singapore settlement institution of a designated payment system is not a fit and proper person to act as such director, the Authority may, by written notice, direct that operator or settlement institution to remove that individual, within such period as the Authority may specify in the notice, as director of that operator or settlement institution. (2) Without affecting any other matter that the Authority may consider relevant, in assessing whether to direct any operator or settlement institution to remove an individual under subsection (1)( a ) or ( b ), the Authority may consider whether the individual — ( a ) has been convicted, whether in Singapore or elsewhere, of any of the following offences, whether the offence is committed before, on or after 28 January 2020: (i) an offence involving fraud or dishonesty; (ii) an offence the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; (iii) an offence that is specified in the Third Schedule to the Registration of Criminals Act 1949; ( b ) is an undischarged bankrupt, whether in Singapore or elsewhere; ( c ) has had an enforcement order against the individual in respect of a judgment debt returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] ( d ) has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation; ( e ) has in force against the individual a prohibition order; [Act 18 of 2022 wef 31/07/2024] ( f ) has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere — (i) that is being or has been wound up by a court; or (ii) the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the financial regulatory authority in that foreign country or territory; ( g ) has wilfully contravened or wilfully caused the operator or settlement institution to contravene any provision of this Act; ( h ) has, without reasonable excuse, failed to secure the compliance of the operator or settlement institution with this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act; ( i ) has failed to discharge any of the duties of the individual’s office or employment; or ( j ) needs to be removed in the public interest. (3) Subject to subsection (4), before directing an operator or a settlement institution to remove an individual under subsection (1), the Authority must give both the operator or settlement institution, and the individual, an opportunity to be heard. (4) The Authority may direct an operator or a settlement institution to remove an individual under subsection (1) on any of the following grounds without giving the operator or settlement institution, or the individual, an opportunity to be heard: ( a ) the individual is an undischarged bankrupt, whether in Singapore or elsewhere; ( b ) the individual has been convicted, whether in Singapore or elsewhere, of an offence, whether committed before, on or after 28 January 2020 — (i) involving fraud or dishonesty, or the conviction for which involves a finding that the individual had acted fraudulently or dishonestly; and (ii) punishable with imprisonment for a term of at least 3 months. (5) Without affecting the Authority’s power to impose conditions under section 44, the Authority may at any time, by written notice to an operator or a settlement institution, impose or vary a condition requiring the operator or settlement institution to notify the Authority of any change to any particulars (such as residence in Singapore or elsewhere, or nature of appointment) of its executive officer or director that may be specified in the notice. (6) An operator or a settlement institution that, without reasonable excuse — ( a ) fails to comply with a written notice under subsection (1); or ( b ) contravenes any condition imposed under subsection (5), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000. (7) No criminal or civil liability shall be incurred by an operator or a settlement institution of a designated payment system, or any person acting on behalf of the operator or settlement institution, in respect of anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of the obligations of the operator or settlement institution under this section.


document_id: psa-2019
provision_ref: s67
chapter: PART 3 - PAYMENT SYSTEMS
section: 67
title: Appeals to Minister
content:
67. —(1) An operator of a designated payment system that is aggrieved by a decision of the Authority under section 65(3)( b ) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final. (2) An operator or a settlement institution, or any executive officer or director of an operator or a settlement institution, that is aggrieved by a written notice of the Authority under section 66(1) may, within 30 days after receiving the notice, appeal in writing to the Minister, whose decision is final. Division 8 &#x2014; Audit of operators and settlement institutions of
designated payment systems


document_id: psa-2019
provision_ref: s68
chapter: PART 3 - PAYMENT SYSTEMS
section: 68
title: Auditing
content:
68. —(1) Despite the provisions of the Companies Act 1967, an operator or a settlement institution of a designated payment system must — ( a ) on an annual basis and at its own expense, appoint an auditor; and ( b ) if for any reason its auditor ceases to be its auditor, appoint another auditor as soon as practicable after such cessation. (2) The Authority may appoint an auditor for an operator or a settlement institution of a designated payment system — ( a ) if the operator or settlement institution fails to appoint an auditor; or ( b ) if the Authority considers it desirable that another auditor should act with the auditor appointed under subsection (1). (3) The Authority may at any time fix the remuneration to be paid by an operator or a settlement institution of a designated payment system to an auditor appointed by the Authority under subsection (2) for the operator or settlement institution. (4) The duties of an auditor appointed under subsection (1) or (2) for an operator or a settlement institution of a designated payment system are as follows: ( a ) to carry out, for the year in respect of which the auditor is appointed, an audit of the accounts of the operator or settlement institution; ( b ) to make a report — (i) if the operator or settlement institution is a Singapore operator or Singapore settlement institution, on the financial statements or consolidated financial statements of the operator or settlement institution in accordance with section 207 of the Companies Act 1967; or (ii) if the operator or settlement institution is incorporated outside Singapore, on the latest annual balance sheet and profit and loss account of the operator or settlement institution, together with any notes on that balance sheet and profit and loss account, showing the assets and liabilities and profit or loss arising out of the operations of the operator or settlement institution in Singapore, that complies with section 207 of the Companies Act 1967. (5) The Authority may, by written notice to an auditor appointed under subsection (1) or (2) for an operator or a settlement institution of a designated payment system, impose all or any of the following duties on the auditor in addition to those provided under subsection (4), and the auditor must carry out the duties so imposed: ( a ) a duty to submit such additional information in relation to the audit as the Authority considers necessary; ( b ) a duty to enlarge or extend the scope of the audit of the business and affairs of the operator or settlement institution; ( c ) a duty to carry out any other examination, or establish any procedure, in relation to the audit in any particular case; ( d ) a duty to submit a report on any of the matters mentioned in paragraphs ( b ) and ( c ). (6) An operator or a settlement institution of a designated payment system must remunerate an auditor appointed under subsection (1) or (2) for the operator or settlement institution in respect of — ( a ) any remuneration the Authority has fixed under subsection (3); and ( b ) the discharge of all or any of the additional duties of the auditor imposed under subsection (5). (7) Despite any other provision of this Act or the provisions of the Companies Act 1967, the Authority may, if the Authority is not satisfied with the performance of any duty by the auditor of an operator or a settlement institution of a designated payment system, at any time direct the operator or settlement institution to — ( a ) remove the auditor; and ( b ) appoint another auditor. (8) The auditor’s report made under subsection (4)( b ) must be attached to the balance sheet and the profit and loss account, the financial statements or the consolidated financial statements (as the case may be) of the operator or settlement institution, and a copy of the report, together with any report under subsection (5)( d ), must be submitted in writing to the Authority. (9) If an auditor, in the course of performing the auditor’s duties, is satisfied that any of the following matters has occurred, the auditor must immediately report that matter to the Authority: ( a ) there has been a serious breach or non‑observance of the provisions of this Act; ( b ) a criminal offence involving fraud or dishonesty has been committed; ( c ) losses have been incurred that reduce the capital of the operator or settlement institution by at least 50%; ( d ) there is any irregularity that has or may have a material effect on the accounts of the operator or settlement institution, including any irregularity that affects or jeopardises, or may affect or jeopardise, the interests of the participants of the designated payment system; ( e ) the auditor is unable to confirm that the claims of creditors of the operator or settlement institution are still covered by the assets of the operator or settlement institution. (10) Where an auditor or employee of the auditor discloses in good faith to the Authority — ( a ) the auditor’s or employee’s knowledge or suspicion of any of the matters mentioned in subsection (9); or ( b ) any information or other matter on which that knowledge or suspicion is based, the disclosure is not a breach of any restriction upon the disclosure imposed by any law, contract or rules of professional conduct, and the auditor or employee is not liable for any loss arising out of the disclosure or any act or omission in consequence of the disclosure. (11) An operator or a settlement institution of a designated payment system 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. (12) An auditor that contravenes subsection (5) or (9) 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.


document_id: psa-2019
provision_ref: s69
chapter: PART 3 - PAYMENT SYSTEMS
section: 69
title: Powers of auditor appointed by Authority
content:
69. —(1) An auditor appointed by the Authority under section 68(2) for an operator or a settlement institution of a designated payment system may, for the purpose of carrying out an examination or audit — ( a ) examine, on oath or affirmation, any officer or employee of the operator or settlement institution, or any other auditor of the operator or settlement institution; ( b ) require any officer or employee of the operator or settlement institution, or any other auditor of the operator or settlement institution, to produce any books held by or on behalf of the operator or settlement institution relating to the business of the operator or settlement institution; ( c ) make copies of or take extracts from, or retain possession of, any books mentioned in paragraph ( b ) for such period as may be necessary to enable those books to be inspected; ( d ) employ such persons as the auditor considers necessary to assist the auditor in carrying out the examination or audit; and ( e ) authorise in writing any person employed by the auditor to do, in relation to the examination or audit, any act or thing that the auditor could do as an auditor under this subsection, other than the examination of a person on oath or affirmation. (2) An individual who, without reasonable excuse — ( a ) refuses or fails to answer any question put to the individual; or ( b ) fails to comply with any request made to the individual, by an auditor appointed under section 68(2) or a person authorised under subsection (1)( e ), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both.


document_id: psa-2019
provision_ref: s70
chapter: PART 3 - PAYMENT SYSTEMS
section: 70
title: Restriction on auditor’s and employee’s right to communicate certain matters
content:
70. —(1) Except as may be necessary for the carrying into effect of the provisions of this Act or so far as may be required for the purposes of any legal proceedings, whether civil or criminal — ( a ) an auditor appointed under section 68(1) or (2); or ( b ) any employee of such auditor, must not disclose any information that comes to the auditor’s or employee’s knowledge in the course of performing the auditor’s or employee’s duties, to any person other than the Authority, or in the case of an employee of such auditor, the auditor. (2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of the auditor, to a fine not exceeding $25,000; or ( b ) in the case of the employee, to a fine not exceeding $12,500.


document_id: psa-2019
provision_ref: s71
chapter: PART 3 - PAYMENT SYSTEMS
section: 71
title: Offence to destroy, conceal, alter, etc., records
content:
71. —(1) An individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 68 or 69 — ( a ) destroys, conceals or alters any book relating to the business of an operator or a settlement institution of a designated payment system; or ( b ) sends, or conspires with any other person to send, out of Singapore any book or asset of any description belonging to, in the possession of or under the control of the operator or settlement institution, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (2) If, in any proceedings for an offence under subsection (1), it is proved that the individual charged with the offence — ( a ) destroyed, concealed or altered any book mentioned in subsection (1)( a ); or ( b ) sent, or conspired to send, out of Singapore any book or asset mentioned in subsection (1)( b ), the onus of proving that, in so doing, the individual did not act with intent to prevent, delay or obstruct the carrying out of an examination or audit under section 68 or 69 lies on the individual.


document_id: psa-2019
provision_ref: s72
chapter: PART 4 - INSPECTION
section: 72
title: Inspection by Authority
content:
72. —(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons: ( a ) a licensee; ( b ) an exempt payment service provider; ( c ) an operator of a designated payment system; ( d ) a settlement institution of a designated payment system; ( e ) a participant of a designated payment system; ( f ) a person exempt under section 100. (2) For the purposes of an inspection under this section — ( a ) a person mentioned in subsection (1) in possession of the person’s books must produce those books to the Authority and give such information or facilities as the Authority may require; ( b ) a person mentioned in subsection (1) must procure any other person that is in possession of the firstmentioned person’s books to produce those books to the Authority and give such information or facilities as the Authority may require; and ( c ) the Authority may — (i) make copies of, or take possession of, any such books; (ii) use, or permit the use of, any such books for the purposes of any proceedings under this Act; and (iii) subject to subsection (4), retain possession of any such books for so long as is necessary — (A) for the purposes of exercising a power conferred by this section; (B) for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or (C) for such proceedings to be commenced and carried on. (3) A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced. (4) While the books are in the possession of the Authority, the Authority — ( a ) must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and ( b ) may permit another person to inspect any of the books. (5) The Authority may require a person that produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates. (6) A person that, without reasonable excuse, fails to comply with subsection (2)( a ) or ( b ) or a requirement of the Authority under subsection (5) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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. 73. [ Repealed by Act 12 of 2024 wef 24/01/2025 ]


document_id: psa-2019
provision_ref: s74
chapter: PART 4 - INSPECTION
section: 74
title: Confidentiality of inspection reports
content:
74. —(1) Subject to subsection (2), where the Authority has — ( a ) produced a written report upon an inspection under section 72 of the books of a person (being a licensee, an exempt payment service provider, an operator, a settlement institution or a participant of a designated payment system, or a person exempt under section 100); and [Act 12 of 2024 wef 24/01/2025] ( b ) provided the report to the person whose books were inspected (called in this section the subject), [Act 12 of 2024 wef 24/01/2025] the report must not be disclosed to any person by the subject, or any of the subject’s officers or auditors. (2) The report mentioned in subsection (1) may be disclosed — ( a ) by the subject to the subject’s officer or auditor solely in connection with the performance of the duties of the officer or auditor in the subject; ( b ) by any officer or auditor of the subject to any other officer or auditor of the subject, solely in connection with the performance of their duties in the subject; or ( c ) to such other person as the Authority may approve in writing. (3) In granting written approval for any disclosure under subsection (2)( c ), the Authority may impose such conditions or restrictions as the Authority thinks fit on the subject, any of the subject’s officers or auditors, or the person to whom disclosure is approved, and the subject, officer or auditor, or the person to whom disclosure is approved, must comply with the condition or restriction. (4) The obligations of an officer or auditor mentioned in subsections (1) and (3) continue after the termination or cessation of the officer’s or auditor’s employment with or appointment by the subject. (5) A person that contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or ( b ) in any other case, to a fine not exceeding $100,000. (6) A person to whom the report is disclosed and that knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of subsection (1) shall be guilty of an offence, unless the person proves that — ( a ) the disclosure was made contrary to the person’s desire; ( b ) where the disclosure was made in any written form, the person has, as soon as practicable after receiving the report, surrendered or taken all reasonable steps to surrender the report and all copies of the report to the Authority; and ( c ) where the disclosure was made in an electronic form, the person has, as soon as practicable after receiving the report, taken all reasonable steps to ensure that all electronic copies of the report have been deleted and that the report and all copies of the report in other forms have been surrendered to the Authority. (7) A person convicted of an offence under subsection (6) shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or ( b ) in any other case, to a fine not exceeding $100,000. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s75
chapter: PART 4 - INSPECTION
section: 75
title: Self‑incrimination
content:
75. —(1) A person is not excused from disclosing information to the Authority pursuant to a requirement made of the person under this Part on the grounds that the disclosure of the information might tend to incriminate the person. (2) Where a person claims, before making a statement disclosing information that the person is required to disclose by such requirement, that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings for an offence under section 94(4).


document_id: psa-2019
provision_ref: s76
chapter: PART 4 - INSPECTION
section: 76
title: Saving for advocates and solicitors
content:
76. —(1) Nothing in this Part — ( a ) compels an advocate and solicitor to disclose or produce any privileged communication, or a document or other material containing any privileged communication, made by or to the advocate and solicitor in that capacity; or ( b ) authorises the taking of any such document or other material that is in the possession of the advocate and solicitor. (2) An advocate and solicitor who refuses to disclose the information or produce the document or other material mentioned in subsection (1) must nevertheless give the name and address (if known to the advocate and solicitor) of the person to whom, or by or on behalf of whom, that privileged communication was made. (3) An advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.


document_id: psa-2019
provision_ref: s76A
chapter: PART 4A - INVESTIGATIONS
section: 76A
title: Interpretation of this Part
content:
76A. In this Part — “advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004; “computer” and “data” have the meanings given by section 2(1) of the Computer Misuse Act 1993; “law enforcement agency” means any authority or person charged with the duty of investigating offences or charging offenders under any written law; “legal counsel” has the meaning given by section 3(7) of the Evidence Act 1893; “officer” — ( a ) in relation to the Authority, includes any person employed by the Authority in an executive capacity; and ( b ) in relation to any corporation (other than a law enforcement agency), has the meaning given by section 4(1) of the Companies Act 1967; “prescribed written law” means this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts: ( a ) Banking Act 1970; ( b ) Credit Bureau Act 2016; ( c ) Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; ( d ) Finance Companies Act 1967; ( e ) Financial Advisers Act 2001; ( f ) Financial Holding Companies Act 2013; ( g ) Financial Services and Markets Act 2022; ( h ) Insurance Act 1966; ( i ) Monetary Authority of Singapore Act 1970; ( j ) Securities and Futures Act 2001; ( k ) Trust Companies Act 2005; ( l ) such other Act as the Authority may prescribe by regulations made under section 103. [Act 12 of 2024 wef 24/01/2025] Division 2 &#x2014; Investigative powers of Authority Subdivision (1) &#x2014; General


document_id: psa-2019
provision_ref: s76B
chapter: PART 4A - INVESTIGATIONS
section: 76B
title: Investigation by Authority
content:
76B. —(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes: ( a ) to perform any of its functions and duties under this Act; ( b ) to ensure compliance with this Act or any written direction issued under this Act; ( c ) to investigate an alleged or suspected contravention of any provision of this Act or any written direction issued under this Act. (2) The Authority may exercise any of its powers under this Division for the purposes of conducting an investigation under subsection (1) despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law. (3) Subject to subsection (5), a requirement imposed by the Authority under this Division has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct. (4) Subject to subsection (5), any person who complies with a requirement imposed by the Authority under this Division is not treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct. (5) Nothing in this section requires a person to disclose any information subject to legal privilege. (6) No civil or criminal action, other than proceedings for an offence under section 76R, shall lie against any person — ( a ) for giving assistance to the Authority, including answering questions, if the person had given the assistance or answered the questions in good faith in compliance with a requirement imposed by the Authority under this Division; ( b ) for providing information, producing books or giving access to data to the Authority, if the person had done so in good faith in compliance with a requirement imposed by the Authority under this Division; or ( c ) for doing or omitting to do any act, if the person had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division. (7) In this section, a reference to a requirement imposed by the Authority under this Division includes a reference to a requirement imposed by an investigator or authorised person under Subdivision (2) or (3). [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76C
chapter: PART 4A - INVESTIGATIONS
section: 76C
title: Confidentiality of investigation reports
content:
76C. —(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 76B and is provided by the Authority to the person under investigation (called in this section the investigated person), the report must not be disclosed by the investigated person or, if the investigated person is a corporation, by any of its officers or auditors, to any other person except in the circumstances provided under subsection (2). (2) Disclosure of the report mentioned in subsection (1) may be made — ( a ) by the investigated person to any officer or auditor of that investigated person solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that investigated person; ( b ) by any officer or auditor of the investigated person to any other officer or auditor of that investigated person, solely in connection with the performance of their duties in that investigated person; or ( c ) to such other person as the Authority may approve in writing. (3) In granting written approval for any disclosure under subsection (2)( c ), the Authority may impose such conditions or restrictions as it thinks fit on the investigated person, any of its officers or auditors or the person to whom disclosure is approved, and that person must comply with such conditions or restrictions. (4) The obligation on an officer or auditor mentioned in subsection (1) continues after the termination or cessation of his or her employment or appointment by the investigated person. (5) Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (6) Any person to whom the report is disclosed and who knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both, unless the person proves that — ( a ) the disclosure was made contrary to the person’s desire; ( b ) where the disclosure was made in any written or printed form, the person had, as soon as practicable after receiving the report, surrendered or taken all reasonable steps to surrender the report and all copies of the report to the Authority; and ( c ) where the disclosure was made in an electronic form, the person had, as soon as practicable after receiving the report, taken all reasonable steps to ensure that all electronic copies of the report had been deleted and that the report and all copies of the report in other forms had been surrendered to the Authority. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76D
chapter: PART 4A - INVESTIGATIONS
section: 76D
title: Self‑incrimination and saving for advocates and solicitors
content:
76D. —(1) A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (2) or (3), pursuant to a requirement made of the person under any provision of this Division, on the ground that the disclosure of the information might tend to incriminate the person. (2) Where a person claims, before making a statement disclosing information that the person is required to disclose under any provision of this Division to the Authority or to an investigator or authorised person mentioned in Subdivision (2) or (3), that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings for an offence under section 76R(5). (3) For the purposes of any proceedings for an offence under this Act, the making of a statement by an accused person made pursuant to a requirement mentioned in subsection (1), is not to be regarded under section 258(3) of the Criminal Procedure Code 2010 as caused by any inducement, threat or promise merely because the Authority, investigator or authorised person had earlier informed the accused person that the accused person was not excused from disclosing information on the ground that the disclosure of the information might tend to incriminate the accused person, if the Authority, investigator or authorised person (as the case may be) believed in good faith, when so informing the accused person, that — ( a ) the accused person was concerned in an offence under this Act; or ( b ) a reasonable complaint has been made, or credible information has been received, or a reasonable suspicion exists, that the accused person was concerned in an offence under this Act. (4) Nothing in this Division — ( a ) compels an advocate and solicitor or legal counsel to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; or ( b ) authorises the taking of any such book or other material which is in the possession of an advocate and solicitor or legal counsel. (5) Despite subsection (4), an advocate and solicitor or legal counsel — ( a ) who is required under this Division to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; and ( b ) who refuses to disclose or produce the privileged communication, book or other material, must give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made. [Act 12 of 2024 wef 24/01/2025] Subdivision (2) &#x2014; Examination of persons


document_id: psa-2019
provision_ref: s76E
chapter: PART 4A - INVESTIGATIONS
section: 76E
title: Requirement to appear for examination
content:
76E. —(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person — ( a ) to give to the Authority all reasonable assistance in connection with the investigation; and ( b ) to appear before an officer of the Authority duly authorised by the Authority for examination and to answer questions. (2) A written requirement imposed under subsection (1) must state the general nature of the matter mentioned in that subsection. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76F
chapter: PART 4A - INVESTIGATIONS
section: 76F
title: Proceedings at examination
content:
76F. The provisions of this Subdivision apply where, pursuant to a requirement made under section 76E for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (called in this Subdivision the investigator) for examination. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76G
chapter: PART 4A - INVESTIGATIONS
section: 76G
title: Requirements made of examinee
content:
76G. —(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee. (2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make are true. (3) The investigator may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Authority is investigating, or is to investigate, under this Division. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76H
chapter: PART 4A - INVESTIGATIONS
section: 76H
title: Examination to take place in private
content:
76H. —(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof. (2) A person must not be present at the examination unless the person is — ( a ) the investigator or the examinee; ( b ) a person approved by the Authority; or ( c ) entitled to be present by virtue of a direction under subsection (1). [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76I
chapter: PART 4A - INVESTIGATIONS
section: 76I
title: Record of examination
content:
76I. —(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination. (2) If a record made under subsection (1) is in writing or is reduced to writing — ( a ) the investigator may require the examinee to read the record, or to have it read to the examinee, and may require the examinee to sign it; and ( b ) the investigator must, if requested in writing by the examinee to give to the examinee a copy of the written record, provide a copy of the written record without charge within a reasonable time, subject to such conditions as the investigator may impose. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76J
chapter: PART 4A - INVESTIGATIONS
section: 76J
title: Giving copies of record to other persons
content:
76J. —(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in good faith, a legal proceeding in respect of a matter to which the examination relates. (2) If the Authority gives a copy of a written record or book to a person under subsection (1), the person, or any other person who has possession, custody or control of the copy or a further copy of the copy, must not, except in connection with preparing, beginning or carrying on, or in the course of, any legal proceeding — ( a ) use the copy or a further copy of the copy; or ( b ) publish, or communicate to a person, the copy, a further copy of the copy, or any part of the contents of the copy. (3) The Authority may, subject to such conditions or restrictions as it may impose, give to a person other than a person mentioned in subsection (1), a copy of a written record of the examination, or the copy together with a copy of any related book. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76K
chapter: PART 4A - INVESTIGATIONS
section: 76K
title: Copies given subject to conditions
content:
76K. If a copy of any written record or book is given to a person under section 76I(2) or 76J(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or the further copy of the copy, must comply with the conditions or restrictions. [Act 12 of 2024 wef 24/01/2025] Subdivision (3) &#x2014; Powers to obtain information


document_id: psa-2019
provision_ref: s76L
chapter: PART 4A - INVESTIGATIONS
section: 76L
content:
76L. For the purpose of an investigation under this Division, the Authority may, in writing, require — ( a ) a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any matter under investigation; or ( b ) a person who is believed to have power to access any data relating to any matter under investigation, to — ( c ) produce the book or a copy of the book, or to provide the information, at the time and place specified in the written requirement; ( d ) give the Authority or any officer of the Authority who is authorised by the Authority for this purpose (called in this section an investigator) access to the book or data; or ( e ) provide such reasonable assistance as the Authority or an investigator may require for the purposes of accessing the book or data. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76M
chapter: PART 4A - INVESTIGATIONS
section: 76M
title: Power to enter premises without warrant
content:
76M. —(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorised in writing to accompany the investigator (each called in this section an authorised person) may enter any premises. (2) An investigator or authorised person accompanying the investigator must not enter any premises in the exercise of the powers under this section unless the investigator has given the occupier of the premises a written notice which — ( a ) gives at least 2 working days’ notice of the intended entry; ( b ) indicates the subject matter and purpose of the investigation; and ( c ) indicates the nature of the offences investigated. (3) Subsection (2) does not apply — ( a ) if the investigation relates to an alleged or suspected contravention of any provision of this Act and the investigator has reasonable grounds for suspecting that the premises are, or have been, occupied by a person who is being investigated in relation to the contravention; or ( b ) if the investigator has taken all such steps as are reasonably practicable to give notice under subsection (2)( a ) but has not been able to do so. (4) Where subsection (3) applies, the power of entry conferred by subsection (1) may only be exercised upon production of — ( a ) evidence of the investigator’s authorisation and the authorisation of every authorised person accompanying the investigator; and ( b ) a document containing information indicating the subject matter and purpose of the investigation and the nature of the offences investigated. (5) Without affecting section 76L, an investigator or authorised person entering any premises under this section may — ( a ) bring with him or her to the premises such items as appear to him or her to be necessary; ( b ) require any person on the premises to produce any book or copy of any book or to give access to any data which the investigator or authorised person considers relates to any matter relevant to the investigation; ( c ) require any person on the premises to state, to the best of the person’s knowledge and belief, where any such book or data is to be found; and ( d ) take any step, or issue to any person on the premises any requirement, which appears to be necessary for the purpose of preserving or preventing interference with any such book or data. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76N
chapter: PART 4A - INVESTIGATIONS
section: 76N
title: Warrant to seize books, etc.
content:
76N. —(1) A Magistrate may, on the application of the Authority — ( a ) issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data is contained or to which any data is available — (i) being any book or data the production of which, or access to which, has been required under section 76L or 76M, but which has not been produced, or access to which has not been given, in compliance with that requirement; or (ii) being any book or data which, if production of which or access to which is required under section 76L or 76M, will be concealed, removed, tampered with or destroyed; and ( b ) if the Magistrate is also satisfied that there are reasonable grounds to suspect that there is, on those premises, any other book, or a computer in which any other data is contained or to which any other data is available, which relates to any matter relevant to the investigation concerned, direct that the powers exercisable under the warrant extend to such other book or computer. (2) A warrant issued under subsection (1) authorises the Authority or any person named in the warrant, with or without assistance — ( a ) to enter the premises specified in the warrant, using such force as is reasonably necessary for the purpose; ( b ) to search the premises and to break open and search anything, whether a fixture or not, in the premises; ( c ) to take possession of, or secure against interference, any book or computer that appears to be a book or computer mentioned in subsection (1)( a ) or ( b ); ( d ) to require any person to provide an explanation of any book or data that appears to be any book or data mentioned in subsection (1)( a ) or ( b ), or to state, to the best of that person’s knowledge and belief, where any such book or data may be found; ( e ) to search any person on those premises, if there are reasonable grounds to suspect that the person has in his or her possession any book or computer that appears to be a book or computer mentioned in subsection (1)( a ) or ( b ), or any equipment or article which relates to any matter relevant to the investigation concerned; ( f ) to remove from those premises for examination any book that appears to be a book mentioned in subsection (1)( a ) or ( b ), or any equipment (including a computer) or article which relates to any matter relevant to the investigation concerned; ( g ) to access, inspect and check the operation of a computer on the premises specified in the warrant, if there are reasonable grounds to suspect that any data mentioned in subsection (1)( a ) or ( b ) is or has been contained in or available to the computer, or that the computer is a computer mentioned in subsection (1)( a ) or ( b ); ( h ) to use any computer mentioned in paragraph ( g ), or cause any such computer to be used — (i) to search any book or data that appears to be a book or any data mentioned in subsection (1)( a ) or ( b ), that is contained in or available to such computer; and (ii) to make a copy of any such book or data; ( i ) to prevent any other person from gaining access to, or using, any computer mentioned in paragraph ( g ) (including by changing any username, password or other authentication information required to gain access to the computer); ( j ) to order any person — (i) to stop accessing or using or to not access or use any computer mentioned in paragraph ( g ); or (ii) to access or use any such computer only under such conditions as the Authority or any person named in the warrant may specify; and ( k ) to order — (i) any person whom the Authority or any person named in the warrant reasonably suspects of using, or of having used, a computer mentioned in paragraph ( g ); (ii) any person having charge of, or otherwise concerned with the operation of, any such computer; or (iii) any person whom the Authority or any person named in the warrant reasonably believes has knowledge of or access to any username, password or other authentication information required to gain access to any such computer, to provide any of the following types of assistance to the Authority: (iv) assistance to gain access to the computer (including assistance through the provision of any username, password or other authentication information required to gain access to the computer); (v) assistance to prevent a person (other than the Authority or any person named in the warrant) from gaining access to, or using, the computer, including assistance in changing any username, password or other authentication information required to gain access to the computer. (3) The Authority or any person named in the warrant may allow any equipment or article mentioned in subsection (2)( f ) to be retained on the premises specified in the warrant, subject to such conditions as the Authority or that person may require. (4) Any person entering any premises by virtue of a warrant issued under subsection (1) may bring with him or her to the premises such items as appear to him or her to be necessary. (5) Where a warrant is issued under subsection (1), and there is no one present at the premises specified in the warrant when the Authority or any person named in the warrant proposes to execute the warrant, the Authority or that person must, before executing the warrant — ( a ) take such steps as are reasonable in all the circumstances to inform the occupier of the premises of the intended entry into the premises; and ( b ) subject to subsection (6), give the occupier or the occupier’s legal or other representative a reasonable opportunity to be present when the warrant is executed. (6) If the Authority or any person named in the warrant is unable to inform the occupier of the premises of the intended entry into the premises, the Authority or that person must, when executing the warrant, leave a copy of the warrant in a prominent place on the premises. (7) On leaving any premises specified in a warrant issued under subsection (1), the Authority or any person named in the warrant must, if the premises are unoccupied or if the occupier of the premises is temporarily absent, leave the premises as effectively secured as the Authority or that person found the premises. (8) The powers conferred by this section are in addition to, and not in derogation of, any other powers conferred by any other written law or rule of law. (9) In this section — “occupier”, in relation to any premises specified in a warrant issued under subsection (1), includes any person whom the Authority or any person named in the warrant reasonably believes to be the occupier of those premises; “premises” includes any structure, building, aircraft, vehicle or vessel. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76O
chapter: PART 4A - INVESTIGATIONS
section: 76O
title: Powers where books are produced, etc.
content:
76O. —(1) This section applies where — ( a ) any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority — (i) pursuant to a requirement under section 76L; or (ii) during an entry into any premises by an investigator or authorised person under section 76M; ( b ) under a warrant issued under section 76N(1), the Authority or a person named therein — (i) takes possession of any book or computer; or (ii) secures any book or computer against interference; or ( c ) under a previous application of subsection (6), any book or computer is delivered into the possession of the Authority or a person authorised by it. (2) If subsection (1)( a ) applies, the Authority may take possession of any book or computer mentioned in that provision. (3) The Authority or, where applicable, a person mentioned in subsection (1)( b ) or ( c ) may — ( a ) inspect, and make copies of, or take extracts from, a book, or any data contained in or available to the computer, mentioned in that subsection; ( b ) use, or permit the use of, a book, or any data contained in or available to the computer, mentioned in that subsection for the purposes of any proceedings; ( c ) retain possession of a book or computer mentioned in that subsection for so long as is necessary — (i) for the purposes of exercising a power conferred by this section; (ii) for a decision to be made about whether or not any proceedings to which the book or any data contained in or available to the computer would be relevant should be instituted; or (iii) for such proceedings to be instituted and carried on; and ( d ) require any book stored in any electronic form, or any data, which the Authority or person mentioned in subsection (1)( b ) or ( c ) is satisfied relates to any matter relevant to an investigation under this Division, to be produced in a form which can be taken away and which is visible and legible. (4) No person is entitled, as against the Authority or, where applicable, a person mentioned in subsection (1)( b ) or ( c ) to claim a lien on any book or computer mentioned in that subsection, but such a lien is not otherwise prejudiced. (5) While any book or computer is in the possession of the Authority or (where applicable) the person mentioned in subsection (1)( b ) or ( c ), the Authority or the person — ( a ) must permit another person to inspect at all reasonable times the book or computer as the second‑mentioned person would be entitled to inspect if the book or computer were not in the possession of the Authority or the firstmentioned person; and ( b ) may permit any other person to inspect the book or computer. (6) If subsection (1)( a ) or ( b )(i) applies, an investigator or authorised person mentioned in subsection (1)( a ) or a person mentioned in subsection (1)( b ) may deliver any book or computer into the possession of the Authority or of a person authorised by the Authority to receive them. (7) If subsection (1)( a ) or ( b ) or (6) applies, the Authority, an investigator or authorised person mentioned in subsection (1)( a ), a person mentioned in subsection (1)( b ) or a person into whose possession any book or computer is delivered under subsection (6), may require — ( a ) if subsection (1)( a ) applies — a person who produced the book or gave access to the book or the data contained in or available to the computer; or ( b ) if subsection (1)( b ) applies — a person who was a party to the preparation of the book or any data contained in or available to the computer, to explain, to the best of his or her knowledge and belief, any matter about the preparation of the book or data or any matter to which the book or data relates. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76P
chapter: PART 4A - INVESTIGATIONS
section: 76P
title: Powers where books not produced, information not provided or access to book or data not given
content:
76P. Where a person fails to comply with a requirement imposed by the Authority under section 76L to produce any book, provide any information or give access to any book or data, the Authority may require the person to state, to the best of his or her knowledge and belief — ( a ) the place where such book, or any computer in which such data is contained or to which such data is available, may be found; ( b ) the person who last had possession, custody or control of such book, or any computer in which such data is contained or to which such data is available, and the place where that person may be found; or ( c ) the person who possesses such information and the place where that person may be found. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76Q
chapter: PART 4A - INVESTIGATIONS
section: 76Q
title: Copies of or extracts from books to be admitted in evidence
content:
76Q. —(1) Subject to this section, a copy of or extract from any book referred to in this Division that is proved to be a true copy of the book, or of the relevant part of the book, is admissible in evidence as if it were the original book, or the relevant part of the original book. (2) For the purposes of subsection (1), evidence that a copy of or extract from any book is a true copy of the book or of a part of the book, may be given by a person who has compared the copy or extract with the book or the relevant part of the book, and may be given orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76R
chapter: PART 4A - INVESTIGATIONS
section: 76R
title: Offences under this Division
content:
76R. —(1) An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 76D(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. (2) A person who, without reasonable excuse, refuses or fails to comply with — ( a ) any requirement imposed under section 76E(1), 76G(3), 76M(5)( b ), ( c ) or ( d ), 76O(3)( d ) or (7) or 76P; or ( b ) any requirement imposed pursuant to a warrant issued under section 76N(1), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (3) A person who, without reasonable excuse, refuses or fails to comply with — ( a ) any requirement of an investigator under section 76I(2)( a ); or ( b ) section 76J(2) or 76K, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both. (4) A person who, without reasonable excuse, refuses or fails to comply with any requirement imposed under section 76L shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. (5) A person who — ( a ) in purported compliance with a requirement imposed under section 76D(5), 76L, 76M(5)( b ), ( c ) or ( d ), 76O(3)( d ) or (7) or 76P, or pursuant to a warrant issued under section 76N(1); or ( b ) in the course of examination of the person, provides information or makes a statement that is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (6) It is a defence to a prosecution for an offence under subsection (5) if the defendant proves that the defendant believed on reasonable grounds that the information or statement was true and not misleading. (7) Any person who, knowing or having reasonable grounds to believe that any book, computer, equipment or article relates to a matter that the Authority is investigating or about to investigate under this Division — ( a ) conceals, destroys, mutilates or alters that book, computer, equipment or article; or ( b ) if any such book, computer, equipment or article is within the territory of Singapore, takes or sends the book, computer, equipment or article out of Singapore, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both. (8) A person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under this Division, or obstructs or hinders a person who is exercising any power under section 76M(1) or (5) or executing a warrant issued under section 76N(1), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (9) Any occupier or person in charge of any premises who fails to provide, to any person who enters those premises under section 76M(1) or under a warrant issued under section 76N(1), all reasonable facilities and assistance for the effective exercise of that person’s powers under section 76M(1) or (5) or under the warrant (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both. [Act 12 of 2024 wef 24/01/2025] Division 3 &#x2014; Transfer of evidence


document_id: psa-2019
provision_ref: s76S
chapter: PART 4A - INVESTIGATIONS
section: 76S
title: Interpretation of this Division
content:
76S. In this Division –– “Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004; “police officer” means a member of the Singapore Police Force. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76T
chapter: PART 4A - INVESTIGATIONS
section: 76T
title: Evidence obtained by Authority may be used in criminal investigations and proceedings
content:
76T. —(1) Despite the provisions of any written law or rule of law, the Authority may provide any book, written record of any examination or other information, or access to any data, obtained by the Authority under this Part to — ( a ) a police officer; ( b ) a Commercial Affairs Officer; or ( c ) the Public Prosecutor, for the purposes of any investigation into or criminal proceedings against a person for an alleged or suspected contravention of any provision under this Act. (2) To avoid doubt, any book, written record of examination or other information provided, or any data to which access is provided, by the Authority under subsection (1) is not inadmissible in any criminal proceedings by reason only that it was first obtained by the Authority under this Act, and the admissibility thereof is to be determined in accordance with the rules of evidence under written law and any relevant rules of law. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s76U
chapter: PART 4A - INVESTIGATIONS
section: 76U
title: Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act
content:
76U. Despite the provisions of any written law or any rule of law, any book, data, statement or other information obtained by — ( a ) a police officer or a Commercial Affairs Officer in the exercise of his or her powers under Divisions 1 and 2 of Part 4 of the Criminal Procedure Code 2010; or ( b ) an authorised person mentioned in section 20(1) or (1A), 39(1) or 40(2) of the Criminal Procedure Code 2010, in the exercise of his or her powers under those sections, may be provided to the following persons for the following purposes, if it is in the public interest to do so: ( c ) to the Authority — for the purpose of any investigation under section 76B(1); ( d ) to the Minister — for the purpose of any appeal against a decision of the Authority under this Act. [Act 12 of 2024 wef 24/01/2025]


document_id: psa-2019
provision_ref: s77
chapter: PART 5 - EMERGENCY POWERS
section: 77
title: Interpretation of this Part
content:
77. In this Part, unless the context otherwise requires — “business” includes affairs and property; “emergency” means — ( a ) any situation that prevents a designated payment system from carrying out its functions; ( b ) any situation in which, in the opinion of the Authority, the operations of a designated payment system are carried on in a manner likely to be detrimental to the interests of the participants of the designated payment system; or ( c ) any undesirable situation or practice that, in the opinion of the Authority, constitutes an emergency; “office‑holder”, in relation to a payment entity, means any person acting as the liquidator, provisional liquidator, receiver, receiver and manager, judicial manager or an equivalent person of that payment entity; “payment entity” means any of the following entities: ( a ) a licensee; ( b ) a person that is granted a licence under section 57B of the Banking Act 1970 to carry on the business of issuing credit cards or charge cards in Singapore; ( c ) an operator of a designated payment system; ( d ) a settlement institution of a designated payment system; “relevant business”, in relation to a payment entity, means any business of that payment entity — ( a ) in relation to which a statutory adviser has been appointed under section 78(2)( b ); ( b ) in relation to which a statutory manager has been appointed under section 78(2)( c ); or ( c ) that the Authority has assumed control of under section 78(2)( c ); “statutory adviser” means a statutory adviser appointed under section 78(2)( b ); “statutory manager” means a statutory manager appointed under section 78(2)( c ).


document_id: psa-2019
provision_ref: s78
chapter: PART 5 - EMERGENCY POWERS
section: 78
title: Action by Authority if payment entity unable to meet obligations, etc.
content:
78. —(1) The Authority may exercise one or more of the powers specified in subsection (2) as appears to the Authority to be necessary, where — ( a ) a payment entity informs the Authority that the payment entity is or is likely to become insolvent, is or is likely to become unable to meet the payment entity’s obligations, or has suspended or is about to suspend payments; ( b ) a payment entity is insolvent, becomes unable to meet the payment entity’s obligations, or suspends payments; ( c ) the Authority is of the opinion that the payment entity — (i) is or is likely to become insolvent, is or is likely to become unable to meet the payment entity’s obligations, or has suspended or is about to suspend payments; or (ii) has contravened any of the provisions of this Act; or ( d ) the Authority considers it in the public interest to do so. (2) For the purposes of subsection (1), the Authority may exercise any of the following powers: ( a ) require the payment entity to immediately take any action, or to do or not to do any act, in relation to the business of the payment entity, that the Authority may consider necessary; ( b ) appoint one or more persons as statutory adviser, on such terms as the Authority may specify by written notice, to advise the payment entity on the proper management of such business of the payment entity as the Authority may determine; ( c ) assume control of and manage such business of the payment entity as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms as the Authority may specify by written notice. (3) Where the Authority appoints 2 or more persons as statutory manager of a payment entity, the Authority must specify, in the terms of the appointment, which of the duties, functions and powers of the statutory manager — ( a ) may be discharged or exercised by those persons jointly and severally; ( b ) must be discharged or exercised by those persons jointly; and ( c ) must be discharged or exercised by a specified person (being one of those persons). (4) Where the Authority has exercised any power under subsection (2), the Authority may, at any time and without affecting the Authority’s powers under section 11(2) or (3), do one or more of the following: ( a ) vary or revoke any requirement of, any appointment made by, or any action taken by the Authority under subsection (2) in the exercise of such power, on such terms as the Authority may specify by written notice; ( b ) exercise any of the powers under subsection (2); ( c ) add to, vary or revoke any term the Authority has specified under this section. (5) A statutory manager or statutory adviser incurs no liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with — ( a ) the exercise or purported exercise of any power under this Act; ( b ) the performance or purported performance of any function or duty under this Act; or ( c ) the compliance or purported compliance with this Act.


document_id: psa-2019
provision_ref: s79
chapter: PART 5 - EMERGENCY POWERS
section: 79
title: Emergency powers of Authority applicable to designated payment systems
content:
79. —(1) Without affecting section 78, where the Authority has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public to so act, the Authority may exercise one or more of the following powers: ( a ) by written notice, direct an operator or a settlement institution of a designated payment system to take such action as the Authority considers necessary to maintain or restore the safe and efficient operation of the designated payment system; ( b ) apply to the General Division of the High Court for the winding up or bankruptcy (as the case may be) of an operator or a settlement institution of a designated payment system; ( c ) require an operator of a designated payment system to cease operation of the designated payment system. [40/2019] (2) Without limiting subsection (1)( a ), the actions that the Authority may direct an operator or a settlement institution of a designated payment system to take include modifying or suspending any of the rules of the designated payment system. (3) The Authority may modify or cancel any action taken by it under subsection (1), and in so modifying or cancelling any such action, the Authority may impose such conditions as it thinks fit, subject to which the modification or cancellation has effect. (4) An operator or a settlement institution of a designated payment system that fails to comply with any written notice issued under subsection (1)( a ) 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.


document_id: psa-2019
provision_ref: s80
chapter: PART 5 - EMERGENCY POWERS
section: 80
title: Assumption of control
content:
80. —(1) Upon assuming control of any business of a payment entity under section 78(2)( c ), the Authority or statutory manager (as the case may be) must take custody or control of the relevant business of the payment entity. (2) During the period when the Authority or statutory manager is in control of the relevant business of a payment entity, the Authority or statutory manager — ( a ) must manage the relevant business in the name of and on behalf of the payment entity; and ( b ) is treated as an agent of the payment entity. (3) In managing the relevant business of a payment entity, the Authority or statutory manager has all the duties, powers and functions of the members of the board of directors of the payment entity (collectively and individually) under — ( a ) this Act; ( b ) the Companies Act 1967; and ( c ) the constitution of the payment entity, including powers of delegation, in relation to the relevant business of the payment entity. (4) Despite subsection (3), the Authority or statutory manager is not required to call any meeting of the payment entity under the Companies Act 1967 or the constitution of the payment entity. (5) Despite any written law or rule of law — ( a ) upon the Authority or statutory manager assuming control of any business of a payment entity under section 78(2)( c ), any appointment of an individual as chief executive officer or director of the payment entity that was in force immediately before the assumption of control is treated as revoked, unless the Authority gives the Authority’s approval, by written notification to the individual and the payment entity, for the individual to remain in the appointment; and ( b ) during the period when the Authority or statutory manager is in control of the relevant business of the payment entity, an individual must not be appointed as chief executive officer or director of the payment entity, except with the approval of the Authority. (6) Where the Authority has given its approval under subsection (5) for an individual to remain in the appointment of, or to be appointed as, chief executive officer or director of a payment entity, the Authority may at any time, by written notification to the individual, revoke the Authority’s approval, and that appointment is treated as revoked on the date specified in the notification. (7) Despite any written law or rule of law, if any individual, whose appointment as chief executive officer or director of a payment entity is revoked under subsection (5) or (6), acts or purports to act as chief executive officer or director of the payment entity during the period when the Authority or statutory manager is in control of the relevant business of the payment entity under section 78(2)( c ) — ( a ) the act or purported act of the individual is invalid and of no effect; and ( b ) the individual shall be guilty of an offence. (8) Despite any written law or rule of law, if any individual, who is appointed as chief executive officer or director of a payment entity in contravention of subsection (5), acts or purports to act as chief executive officer or director of the payment entity during the period when the Authority or statutory manager is in control of the relevant business of the payment entity under section 78(2)( c ) — ( a ) the act or purported act of the individual is invalid and of no effect; and ( b ) the individual shall be guilty of an offence. (9) During the period when the Authority or statutory manager is in control of the relevant business of a payment entity — ( a ) if there is any conflict or inconsistency between — (i) a direction or decision given by the Authority or statutory manager (including a direction or decision given to a person or body of persons mentioned in sub‑paragraph (ii)); and (ii) a direction or decision given by any chief executive officer, director, member, executive officer, employee, agent or office‑holder of the payment entity, by the board of directors of the payment entity, or by any trustee for the payment entity, the direction or decision mentioned in sub‑paragraph (i) prevails over the direction or decision mentioned in sub‑paragraph (ii) to the extent of the conflict or inconsistency; and ( b ) a person must not exercise any voting or other right attached to any share in the payment entity in any manner that may defeat or interfere with any duty, power or function of the Authority or statutory manager, and any such exercise or purported exercise of that right is invalid and of no effect. (10) An individual who is guilty of an offence under subsection (7) or (8) shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.


document_id: psa-2019
provision_ref: s81
chapter: PART 5 - EMERGENCY POWERS
section: 81
title: Other provisions concerning control
content:
81. —(1) The Authority must cease to be in control of the relevant business of a payment entity when the Authority is satisfied that the reasons for the Authority’s assumption of control of the relevant business have ceased to exist. (2) A statutory manager is deemed to have assumed control of the relevant business of a payment entity on the date of the statutory manager’s appointment as a statutory manager. (3) Without limiting section 78(4)( a ), the Authority may at any time revoke the appointment of a statutory manager in relation to the relevant business of a payment entity — ( a ) if the Authority is satisfied that the reasons for the appointment have ceased to exist; or ( b ) on any other ground. (4) The statutory manager ceases to be in control of the relevant business of the payment entity upon the revocation of the statutory manager’s appointment under subsection (3) or section 78(4)( a ). (5) The Authority must publish in the Gazette the date, and such other particulars as the Authority thinks fit, of — ( a ) the Authority’s assumption of control of the relevant business of a payment entity; ( b ) the cessation of the Authority’s control of the relevant business of a payment entity; ( c ) the appointment of a statutory manager in relation to the relevant business of a payment entity; and ( d ) the revocation of a statutory manager’s appointment in relation to the relevant business of a payment entity.


document_id: psa-2019
provision_ref: s82
chapter: PART 5 - EMERGENCY POWERS
section: 82
title: Responsibilities of directors, officers, etc., of payment entity
content:
82. —(1) During the period when the Authority or statutory manager is in control of the relevant business of a payment entity — ( a ) a relevant person must provide to the Authority or statutory manager, within such time and in such manner as the Authority or statutory manager may specify, such information as the Authority or statutory manager may require to discharge the duties or functions, or exercise the powers, of the Authority or statutory manager in relation to the payment entity; and ( b ) the General Division of the High Court may, on an application by the Authority or statutory manager, direct any relevant person to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property or book of the payment entity that — (i) forms part of or relates to the business of the payment entity; and (ii) is in the relevant person’s possession or control. [40/2019] (2) A person that — ( a ) without reasonable excuse, fails to comply with subsection (1)( a ); or ( b ) in purported compliance with subsection (1)( a ), knowingly or recklessly provides any information or document that is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. (3) In this section, “relevant person” means a current or former chief executive officer, director, executive officer, employee, agent, banker, auditor or office‑holder of, or trustee for, the payment entity mentioned in subsection (1).


document_id: psa-2019
provision_ref: s83
chapter: PART 5 - EMERGENCY POWERS
section: 83
title: Remuneration and expenses of Authority and others in certain cases
content:
83. The Authority may at any time fix the remuneration and expenses to be paid by a payment entity — ( a ) to a statutory adviser or statutory manager appointed in relation to the payment entity, whether or not the appointment has been revoked; and ( b ) where the Authority has assumed control of the relevant business of a payment entity, to the Authority and any person appointed by the Authority under section 4 in relation to the Authority’s assumption of control of the relevant business, whether or not the Authority has ceased to be in control of the relevant business.


document_id: psa-2019
provision_ref: s84
chapter: PART 6 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 84
title: Interpretation of this Part
content:
84. In this Part, unless the context otherwise requires — “enforce” means enforce through criminal or administrative proceedings; “enforcement”, in relation to a regulatory authority, means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or regulatory requirement that relates to the payment systems or payment services of the foreign country of the regulatory authority concerned; “foreign country” means a country or territory other than Singapore; “investigation”, in relation to a regulatory authority, means an investigation to determine if a specified person has contravened or is contravening a law or regulatory requirement, being a law or regulatory requirement that relates to the payment systems or payment services of the foreign country of the regulatory authority concerned; “material” includes any information, book, document or other record in any form whatsoever, and any container or article relating to that information, book, document or record; “prescribed written law” means this Act, or any of the following Acts, and any subsidiary legislation made under this Act or those Acts: ( a ) Banking Act 1970; ( b ) Finance Companies Act 1967; ( c ) Financial Advisers Act 2001; ( d ) Financial Holding Companies Act 2013; ( da ) Financial Services and Markets Act 2022; [Act 18 of 2022 wef 28/04/2023] ( e ) Insurance Act 1966; ( f ) Monetary Authority of Singapore Act 1970; ( g ) Securities and Futures Act 2001; ( h ) such other Act as the Authority may prescribe; “regulatory authority”, in relation to a foreign country, means an authority of the foreign country exercising any function that corresponds to a regulatory function of the Authority under this Act; “supervision”, in relation to a regulatory authority, means the taking of any action for or in connection with the supervision of — ( a ) a licensee that is regulated by the regulatory authority; ( b ) an operator, a settlement institution or a participant, of a designated payment system, that is regulated by the regulatory authority; or ( c ) any other person regulated by the regulatory authority.


document_id: psa-2019
provision_ref: s85
chapter: PART 6 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 85
title: Conditions for provision of assistance
content:
85. —(1) The Authority may provide the assistance mentioned in section 87 to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled: ( a ) the assistance is intended to enable the regulatory authority, or any other authority of the foreign country, to carry out the supervision, investigation or enforcement; ( b ) the regulatory authority has given a written undertaking that any material or copy of material obtained pursuant to its request will not be used for any purpose other than a purpose that is specified in the request and approved by the Authority; ( c ) the regulatory authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country in accordance with paragraph ( d )) any material received pursuant to the request, unless the regulatory authority is compelled to do so by the law or a court of the foreign country; ( d ) the regulatory authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority; ( e ) the material requested is of sufficient importance to the carrying out of the supervision, investigation or enforcement to which the request relates, and cannot reasonably be obtained by any other means; ( f ) the matter to which the request relates is of sufficient gravity; ( g ) the rendering of assistance will not be contrary to the public interest. (2) In subsection (1)( c ) and ( d ), “designated third party”, in relation to a foreign country, means — ( a ) any person or body responsible for supervising the regulatory authority in question; ( b ) any authority of the foreign country responsible for carrying out the supervision, investigation or enforcement in question; or ( c ) any authority of the foreign country exercising a function that corresponds to a regulatory function of the Authority under this Act.


document_id: psa-2019
provision_ref: s86
chapter: PART 6 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 86
title: Other factors to consider for provision of assistance
content:
86. In deciding whether to grant a request for assistance mentioned in section 87 from a regulatory authority of a foreign country, the Authority may also have regard to the following: ( a ) whether the act or omission that is alleged to constitute the contravention of the law or regulatory requirement to which the request relates would, if it had occurred in Singapore, have constituted an offence under this Act; ( b ) whether the regulatory authority has given or is willing to give an undertaking to the Authority to comply with a future request by the Authority to the regulatory authority for similar assistance; ( c ) whether the regulatory authority has given or is willing to give an undertaking to the Authority to contribute towards the costs of providing the assistance that the regulatory authority has requested.


document_id: psa-2019
provision_ref: s87
chapter: PART 6 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 87
title: Assistance that may be rendered
content:
87. —(1) Despite any provision of or requirement under any prescribed written law, or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a regulatory authority of a foreign country for assistance — ( a ) transmit to the regulatory authority any material in the possession of the Authority that is requested by the regulatory authority or a copy of that material; ( b ) order any person to provide to the Authority any material that is requested by the regulatory authority or a copy of that material, and transmit the material or copy to the regulatory authority; ( c ) order any person to transmit directly to the regulatory authority any material that is requested by the regulatory authority or a copy of that material; ( d ) order any person to make an oral statement to the Authority on any information requested by the regulatory authority, record such statement, and transmit the recorded statement to the regulatory authority; or ( e ) request any ministry, Government department or statutory authority to provide to the Authority any material that is requested by the regulatory authority or a copy of that material, and transmit the material or copy to the regulatory authority. (2) The assistance mentioned in subsection (1)( c ) may only be rendered if the material sought is to enable the regulatory authority to carry out an investigation or enforcement. (3) An order under subsection (1)( b ), ( c ) or ( d ) has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any provision of or requirement under any prescribed written law, rule of law, contract or rule of professional conduct. (4) Nothing in this section compels an advocate and solicitor to provide or transmit any material or copy of material that contains, or to disclose, any privileged communication made by or to the advocate and solicitor in that capacity. (5) An advocate and solicitor who refuses to provide or transmit any material or copy of material that contains, or to disclose, any privileged communication is nevertheless obliged to give the name and address (if known to the advocate and solicitor) of the person to whom, or by or on behalf of whom, the privileged communication was made. (6) A person is not excused from making an oral statement pursuant to an order made under subsection (1)( d ) on the ground that the statement might tend to incriminate the person.


document_id: psa-2019
provision_ref: s88
chapter: PART 6 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 88
title: Offences under this Part
content:
88. —(1) A person that — ( a ) without reasonable excuse, refuses or fails to comply with an order under section 87(1)( b ), ( c ) or ( d ); ( b ) in purported compliance with an order made under section 87(1)( b ) or ( c ), provides to the Authority or transmits to a regulatory authority any material or copy of material known to the person to be false or misleading in a material particular; or ( c ) in purported compliance with an order made under section 87(1)( d ), makes a statement to the Authority that is false or misleading in a material particular, shall be guilty of an offence. (2) A person that is guilty of an offence under subsection (1)( a ) shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or ( b ) in any other case, 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. (3) A person that is guilty of an offence under subsection (1)( b ) or ( c ) shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or ( b ) in any other case, to a fine not exceeding $100,000.


document_id: psa-2019
provision_ref: s89
chapter: PART 6 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 89
title: Immunities
content:
89. —(1) No civil or criminal proceedings, other than proceedings for an offence under section 88, shall lie against any person for — ( a ) providing to the Authority or transmitting any material or copy of material to the Authority or a regulatory authority of a foreign country, if that person had provided or transmitted that material or copy in good faith in compliance with an order made under section 87(1)( b ) or ( c ); ( b ) making a statement to the Authority in good faith and in compliance with an order made under section 87(1)( d ); or ( c ) doing or omitting to do any act, if that person had done or omitted to do the act in good faith and as a result of complying with an order made under section 87(1)( b ), ( c ) or ( d ). (2) A person that complies with an order made under section 87(1)( b ), ( c ) or ( d ) is not to be treated as being in breach of any restriction upon the disclosure of information or thing imposed by any provision of or requirement under any prescribed written law, rule of law, contract or rule of professional conduct.


document_id: psa-2019
provision_ref: s90
chapter: PART 7 - OFFENCES
section: 90
title: Offences by corporations
content:
90. —(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of a corporation in relation to a particular conduct, evidence that — ( a ) an officer, employee or agent of the corporation engaged in that conduct within the scope of his or her actual or apparent authority; and ( b ) the officer, employee or agent had that state of mind, is evidence that the corporation had that state of mind. (2) Where a corporation commits an offence under this Act, a person — ( a ) who is — (i) an officer of the corporation; or (ii) an individual involved in the management of the corporation and in a position to influence the conduct of the corporation in relation to the commission of the offence; and ( b ) who — (i) consented or connived, or conspired with others, to effect the commission of the offence; (ii) is in any other way, whether by act or omission, knowingly concerned in, or is party to, the commission of the offence by the corporation; or (iii) knew or ought reasonably to have known that the offence by the corporation (or an offence of the same type) would be or is being committed, and failed to take all reasonable steps to prevent or stop the commission of that offence, shall be guilty of the same offence as is the corporation, and shall be liable on conviction to be punished accordingly. (3) A person mentioned in subsection (2) may rely on a defence that would be available to the corporation if it were charged with the offence with which the person is charged and, in doing so, the person bears the same burden of proof that the corporation would bear. (4) To avoid doubt, this section does not affect the application of — ( a ) Chapters 5 and 5A of the Penal Code 1871; or ( b ) the Evidence Act 1893 or any other law or practice regarding the admissibility of evidence. (5) To avoid doubt, subsection (2) also does not affect the liability of the corporation for an offence under this Act, and applies whether or not the corporation is convicted of the offence. (6) In this section — “corporation” includes a limited liability partnership within the meaning of section 2(1) of the Limited Liability Partnerships Act 2005; “officer”, in relation to a corporation, means any director, partner, chief executive, manager, secretary or other similar officer of the corporation, and includes — ( a ) any person purporting to act in any such capacity; and ( b ) for a corporation whose affairs are managed by its members, any of those members as if the member were a director of the corporation; “state of mind” of a person includes — ( a ) the knowledge, intention, opinion, belief or purpose of the person; and ( b ) the person’s reasons for the intention, opinion, belief or purpose.


document_id: psa-2019
provision_ref: s91
chapter: PART 7 - OFFENCES
section: 91
title: Offences by unincorporated associations or partnerships
content:
91. —(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of an unincorporated association or a partnership in relation to a particular conduct, evidence that — ( a ) an employee or agent of the unincorporated association or partnership engaged in that conduct within the scope of his or her actual or apparent authority; and ( b ) the employee or agent had that state of mind, is evidence that the unincorporated association or partnership had that state of mind. (2) Where an unincorporated association or a partnership commits an offence under this Act, a person — ( a ) who is — (i) an officer of the unincorporated association or a member of its governing body; (ii) a partner in the partnership; or (iii) an individual involved in the management of the unincorporated association or partnership and in a position to influence the conduct of the unincorporated association or partnership (as the case may be) in relation to the commission of the offence; and ( b ) who — (i) consented or connived, or conspired with others, to effect the commission of the offence; (ii) is in any other way, whether by act or omission, knowingly concerned in, or is party to, the commission of the offence by the unincorporated association or partnership; or (iii) knew or ought reasonably to have known that the offence by the unincorporated association or partnership (or an offence of the same type) would be or is being committed, and failed to take all reasonable steps to prevent or stop the commission of that offence, shall be guilty of the same offence as is the unincorporated association or partnership (as the case may be), and shall be liable on conviction to be punished accordingly. (3) A person mentioned in subsection (2) may rely on a defence that would be available to the unincorporated association or partnership if it were charged with the offence with which the person is charged and, in doing so, the person bears the same burden of proof that the unincorporated association or partnership would bear. (4) To avoid doubt, this section does not affect the application of — ( a ) Chapters 5 and 5A of the Penal Code 1871; or ( b ) the Evidence Act 1893 or any other law or practice regarding the admissibility of evidence. (5) To avoid doubt, subsection (2) also does not affect the liability of an unincorporated association or a partnership for an offence under this Act, and applies whether or not the unincorporated association or partnership is convicted of the offence. (6) In this section — “officer”, in relation to an unincorporated association (other than a partnership), means the president, the secretary, or any member of the committee of the unincorporated association, and includes — ( a ) any person holding a position analogous to that of president, secretary or member of a committee of the unincorporated association; and ( b ) any person purporting to act in any such capacity; “partner” includes a person purporting to act as a partner; “state of mind” of a person includes — ( a ) the knowledge, intention, opinion, belief or purpose of the person; and ( b ) the person’s reasons for the intention, opinion, belief or purpose.


document_id: psa-2019
provision_ref: s92
chapter: PART 7 - OFFENCES
section: 92
title: Offences by officers
content:
92. —(1) An officer of a relevant entity, whose duty is or includes ensuring that the relevant entity complies with a provision of this Act, who fails to take all reasonable steps to secure such compliance, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (2) An officer of a relevant entity, whose duty is or includes submitting information to the Authority or any other person under this Act, who fails to take all reasonable steps to ensure the accuracy and correctness of any information so submitted, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (3) In any proceedings against an officer under subsection (1) or (2), it is a defence for the officer to prove that he or she had reasonable grounds for believing that — ( a ) another individual was charged with the duty of — (i) securing compliance with the requirements of this Act; or (ii) ensuring that the information submitted was accurate, as the case may be; and ( b ) that individual was competent, and in a position, to discharge that duty. (4) An officer is not to be sentenced to imprisonment for any offence under subsection (1) or (2) unless, in the opinion of the court, the officer committed the offence wilfully. (5) In this section, “relevant entity” means an entity that is — ( a ) a licensee; or ( b ) an operator, a settlement institution, or a participant, of a payment system.


document_id: psa-2019
provision_ref: s93
chapter: PART 7 - OFFENCES
section: 93
title: Falsification of records by officers, etc.
content:
93. —(1) An officer, auditor, employee or agent of a relevant entity who — ( a ) wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of the relevant entity; ( b ) wilfully omits to make an entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of the relevant entity, or wilfully causes any such entry to be omitted; or ( c ) wilfully alters, extracts, conceals or destroys an entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of the relevant entity, or wilfully causes any such entry to be altered, extracted, concealed or destroyed, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both. (2) In this section — “officer” includes a person purporting to act in the capacity of an officer; “relevant entity” means an entity that is — ( a ) a licensee; or ( b ) an operator, a settlement institution, or a participant, of a payment system.


document_id: psa-2019
provision_ref: s94
chapter: PART 7 - OFFENCES
section: 94
title: General duty to use reasonable care not to provide false information to Authority
content:
94. —(1) A person who provides the Authority with any information under or for the purposes of any provision of this Act must use reasonable care to ensure that the information is not false or misleading in any material particular. [Act 1 of 2021 wef 04/04/2024] (1A) Subsection (1) applies only where no other provision of this Act creates an offence in connection with the provision of information that is false or misleading in a material particular. [Act 1 of 2021 wef 04/04/2024] (2) A person who — ( a ) signs any document lodged with the Authority; or ( b ) lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the individual by the Authority, must use reasonable care to ensure that the document is not false or misleading in any material particular. [Act 1 of 2021 wef 04/04/2024] (3) A person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or ( b ) in any other case, to a fine not exceeding $100,000. [Act 1 of 2021 wef 04/04/2024]


document_id: psa-2019
provision_ref: s95
chapter: PART 7 - OFFENCES
section: 95
title: General penalty
content:
95. A person guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000; or ( b ) in any other case, to a fine not exceeding $100,000.


document_id: psa-2019
provision_ref: s96
chapter: PART 7 - OFFENCES
section: 96
title: Composition of offences
content:
96. —(1) The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence. (2) The Authority may compound any offence under this Act (including an offence under a provision that has been repealed) that — ( a ) was compoundable under this section when the offence was committed; but ( b ) has ceased to be so compoundable, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence at the time it was committed. (3) Despite the repeal of the Money‑changing and Remittance Businesses Act (Cap. 187, 2008 Revised Edition), the Authority may compound any offence under that Act (including an offence under a provision that has been repealed) that — ( a ) was compoundable under section 29 of that Act when the offence was committed; but ( b ) has ceased to be so compoundable, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence at the time it was committed. (4) Despite the repeal of the Payment Systems (Oversight) Act (Cap. 222A, 2007 Revised Edition), the Authority may compound any offence under that Act (including an offence under a provision that has been repealed) that — ( a ) was compoundable under section 50 of that Act when the offence was committed; but ( b ) has ceased to be so compoundable, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence at the time it was committed. (5) On payment of the sum of money mentioned in subsection (1), (2), (3) or (4), no further proceedings may be taken against that person in respect of the offence. (6) All sums collected by the Authority under subsection (1), (2), (3) or (4) must be paid into the Consolidated Fund.


document_id: psa-2019
provision_ref: s97
chapter: PART 8 - MISCELLANEOUS
section: 97
title: Jurisdiction of court
content:
97. Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full penalty or punishment in respect of any offence under this Act.


document_id: psa-2019
provision_ref: s98
chapter: PART 8 - MISCELLANEOUS
section: 98
title: Opportunity to be heard
content:
98. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given such opportunity to be heard.


document_id: psa-2019
provision_ref: s99
chapter: PART 8 - MISCELLANEOUS
section: 99
title: Power of court to make certain orders
content:
99. —(1) Where, on an application of the Authority, it appears to the court that a person — ( a ) has committed an offence under this Act; or ( b ) is about to do an act that, if done, would be an offence under this Act, the court may (without prejudice to any other order it may make) make one or more of the orders under subsection (2). (2) The orders mentioned in subsection (1) are — ( a ) in the case of a persistent or continuing contravention of a provision of this Act, an order restraining a person from — (i) carrying on a business of providing one or more types of payment services; (ii) carrying on the business of an operator of a payment system; (iii) carrying on the business of a settlement institution of a payment system; (iv) holding itself out as a licensee; or (v) holding itself out as an operator, or a settlement institution, of a designated payment system; ( b ) for the purpose of securing compliance with any order made under this section, an order directing a person to do or refrain from doing any specified act; or ( c ) any ancillary order the court considers to be desirable as a result of making any other order under this section. (3) The court may, before making an order under subsection (2), direct that notice of the application be given to such person as it thinks fit or that notice of the application be published in such manner as it thinks fit, or both. (4) A person that, without reasonable excuse, contravenes an order made under subsection (2) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or ( b ) in any other case, to a fine not exceeding $100,000. (5) Subject to subsection (6), subsection (4) does not affect the powers of the court in relation to the punishment of contempt of court. (6) A person cannot be punished for contempt of court in respect of any contravention of an order made under subsection (2), for which the person has been convicted of an offence under subsection (4). (7) A person cannot be convicted of an offence under subsection (4) in respect of any contravention of an order made under subsection (2) that has been punished as a contempt of court. (8) The court may rescind, vary or discharge, or suspend the operation of, an order made by the court under this section.


document_id: psa-2019
provision_ref: s100
chapter: PART 8 - MISCELLANEOUS
section: 100
title: General exemption
content:
100. —(1) The Authority may, by regulations, exempt any of the following from all or any of the provisions of this Act, subject to such conditions as may be prescribed: ( a ) any person or class of persons; ( b ) any payment service or class of payment services; ( c ) any payment system or class of payment systems; ( d ) any payment account or class of payment accounts; ( e ) any shares or interests in shares, or class or description of shares or interests in shares; ( f ) any other thing or class or description of things. (2) Where the Authority, by regulations made under subsection (1), exempts any person or class of persons from section 20(1) and (3), the conditions that may be prescribed under subsection (1) include the following conditions: ( a ) a condition relating to the operations or activities of the exempt person, or of any person in the exempt class of persons; ( b ) a condition relating to the criteria that must be satisfied in order for the exempt person, or any person in the exempt class of persons, to grant any credit facility (within the meaning given by section 20(5)) to any individual in Singapore; ( c ) a condition relating to the standards to be maintained by the exempt person, or by any person in the exempt class of persons, when carrying on a business of granting any such credit facility to any individual in Singapore; ( d ) a condition relating to the duties to be undertaken by the exempt person, or by any person in the exempt class of persons, when doing any of the following things: (i) granting any such credit facility to any individual in Singapore; (ii) offering to grant, or issuing any advertisement containing any offer to grant, any such credit facility to any individual in Singapore; (iii) making an offer or invitation, or issuing any advertisement containing any offer or invitation, to any individual in Singapore to enter into any agreement relating to the granting of any such credit facility to that individual; ( e ) a condition relating to the maintenance by the exempt person, or by any person in the exempt class of persons, of a licence, under any other written law, that allows that person to carry on a business of granting any credit facility to any individual in Singapore. (3) Where the Authority, by regulations made under subsection (1), exempts any person or class of persons from section 28 or 59, the conditions that may be prescribed under subsection (1) include the following conditions: ( a ) a condition restricting the disposal or further acquisition, by that person or class of persons, of any shares or voting power in — (i) a licensee incorporated in Singapore (in the case of an exemption from section 28); or (ii) an operator of a designated payment system (in the case of an exemption from section 59); ( b ) a condition restricting the exercise, by that person or class of persons, of any voting power in — (i) a licensee incorporated in Singapore (in the case of an exemption from section 28); or (ii) an operator of a designated payment system (in the case of an exemption from section 59). (4) The Authority may, if the Authority considers it appropriate to do so in the circumstances of the case, on the application of any person, exempt the person from — ( a ) all or any of the provisions of this Act; or ( b ) all or any of the requirements imposed by the Authority under this Act. (5) An exemption under subsection (4) — ( a ) may be granted by written notice subject to such conditions as the Authority may specify in that notice; ( b ) need not be published in the Gazette ; and ( c ) may be revoked at any time by the Authority. (6) The Authority may at any time add to, vary or revoke any condition imposed under this section. (7) A person shall be guilty of an offence if the person contravenes any condition — ( a ) prescribed under subsection (1); ( b ) specified by the Authority under subsection (5)( a ); or ( c ) added or varied under subsection (6).


document_id: psa-2019
provision_ref: s101
chapter: PART 8 - MISCELLANEOUS
section: 101
title: Codes, guidelines, etc., by Authority
content:
101. —(1) The Authority may issue, and in its discretion publish by notification in the Gazette or in any other manner the Authority considers appropriate, such codes, guidelines, policy statements, practice notes and no‑action letters as the Authority considers appropriate for providing guidance — ( a ) in furtherance of the Authority’s regulatory objectives; ( b ) in relation to any matter relating to any of the Authority’s functions under this Act; or ( c ) in relation to the operation of any of the provisions of this Act. (2) The Authority may amend or revoke the whole or any part of any code, guideline, policy statement, practice note or no‑action letter issued under this section. (3) Where amendments are made under subsection (2) — ( a ) the other provisions of this section apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement, practice note or no‑action letter; and ( b ) any reference in this Act or any other written law to the code, guideline, policy statement, practice note or no‑action letter, however expressed, is (unless the context otherwise requires) a reference to the code, guideline, policy statement, practice note or no‑action letter as so amended. (4) Any failure by a person to comply with any provision of a code, guideline, policy statement or practice note issued under this section to the person does not of itself render that person liable to criminal proceedings, but any such failure may, in any proceedings, whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or negate any liability that is in question in the proceedings. (5) The issue by the Authority of a no‑action letter does not of itself prevent the institution of any proceedings against any person for the contravention of any provision of this Act. (6) Any code, guideline, policy statement or practice note issued under this section may be of general or specific application, and may specify that different provisions of such code, guideline, policy statement or practice note apply to different circumstances or provide for different cases or classes of cases. (7) To avoid doubt, any code, guideline, policy statement, practice note or no‑action letter issued under this section is not to be treated as subsidiary legislation. (8) In this section, “no‑action letter” means a letter written by the Authority to a person to the effect that, if the facts are as represented by the person, the Authority will not institute proceedings against the person in respect of a particular state of affairs or particular conduct.


document_id: psa-2019
provision_ref: s102
chapter: PART 8 - MISCELLANEOUS
section: 102
title: Power of Authority to issue written notice
content:
102. —(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Act, for the protection of consumers or in the interest of the public or a section of the public, for ensuring the integrity and proper management of a designated payment system, or for ensuring the integrity of the e‑money stored in a payment account, issue to any of the following persons or classes of persons a written notice, either of a general or a specific nature, to comply with such requirements as the Authority may specify in the notice: ( a ) any licensee or class of licensees; ( b ) any operator, or class of operators, of a relevant payment system; ( c ) any settlement institution, or class of settlement institutions, of a relevant payment system; ( d ) any participant, or class of participants, of a relevant payment system; ( e ) any person, or class of persons, that determines access to a relevant payment system; ( f ) any exempt payment service provider or class of exempt payment service providers; ( g ) any person, or class of persons, exempt under section 100; ( h ) any person that contravenes, has contravened, or is likely to contravene, any provision of this Act. (2) Without limiting subsection (1), a notice may be issued — ( a ) with respect to — (i) the activities that may be carried out by a licensee, an exempt payment service provider, or a person exempt under section 100, in relation to its business; (ii) the standards, framework, policies and procedures for the prudent management of risks (including information technology risks) by a licensee, an exempt payment service provider or a person exempt under section 100, or by an operator or a settlement institution of a designated payment system; (iii) the financial soundness, financial management and stability of a licensee, an exempt payment service provider or a person exempt under section 100, or of an operator, a settlement institution or a participant of a designated payment system; (iv) the standards to be maintained by a licensee, an exempt payment service provider, or a person exempt under section 100, in the conduct of its business; (v) the arrangement and conditions that are to apply if a licensee, an exempt payment service provider or a person exempt under section 100, or an operator, a settlement institution or a participant of a designated payment system, appoints any person as an independent contractor to carry out any of the functions and duties of the licensee, exempt payment service provider, person exempt under section 100, operator, settlement institution or participant, as the case may be; (vi) the type, form, manner and frequency of returns and other information to be submitted to the Authority; (vii) the preparation and publication of reports on the performance of a licensee, an exempt payment service provider or a person exempt under section 100, or of an operator, a settlement institution or a participant of a designated payment system; (viii) the remuneration of an auditor appointed under this Act and the costs of an audit carried out under this Act; (ix) any measures to be taken by any of the following persons or classes of persons to address any discriminatory measure practised by one or more of those persons or classes of persons: (A) any operator, or class of operators, of a relevant payment system; (B) any settlement institution, or class of settlement institutions, of a relevant payment system; (C) any participant, or class of participants, of a relevant payment system; (D) any person, or class of persons, that determines access to a relevant payment system; (x) the appointment of a person approved by the Authority — (A) to advise an operator, a settlement institution or a participant of a designated payment system on the proper conduct of its business; or (B) to advise a class of participants of a designated payment system on the proper conduct of the business of a participant in that class of participants; (xi) the collection by or on behalf of the Authority of information from a licensee, an exempt payment service provider or a person exempt under section 100, or from an operator, a settlement institution or a participant of a designated payment system, in relation to the conduct of its business at such intervals or on such occasions as may be set out in the notice; (xii) the manner in which a licensee, an exempt payment service provider or a person exempt under section 100, or an operator, a settlement institution or a participant of a designated payment system, deals with its customers, and any conflicts of interests between the licensee, exempt payment service provider, person exempt under section 100, operator, settlement institution or participant (as the case may be) and its customers; (xiii) the duties of a licensee, an exempt payment service provider, or a person exempt under section 100, to its customers in the operation of payment accounts maintained for those customers (including duties in relation to the foreign exchange rate to be applied, where the currency for which the licensee, exempt payment service provider or person exempt under section 100 maintains a payment account for a customer is different from the currency received for payment into that payment account); (xiv) the duties of a licensee, an exempt payment service provider, or a person exempt under section 100, to its customers in relation to the safeguarding of money under section 23 (including duties in relation to the foreign exchange rate to be applied, where the currency in which the money is safeguarded is different from the currency received by the licensee, exempt payment service provider or person exempt under section 100 from, or on account of, a customer); (xv) the display or exhibition by a licensee, an exempt payment service provider, or a person exempt under section 100, of such cautionary statements as the Authority thinks fit in a conspicuous place at every place of business of the licensee, exempt payment service provider or person exempt under section 100; and (xvi) the provision by a licensee, an exempt payment service provider, or a person exempt under section 100, of cautionary statements in writing to the customers of the licensee, exempt payment service provider or person exempt under section 100; ( b ) to require any person that contravenes, has contravened, or is likely to contravene, any provision of this Act — (i) to comply with, or to cease contravening, that provision; (ii) to take any action necessary to enable the person to conduct the person’s business in accordance with sound principles; and (iii) where the person is a company, to remove any of its directors; and ( c ) for any other purpose specified in this Act. (3) It is not necessary to publish any written notice issued under subsection (1) in the Gazette . (4) The Authority may at any time vary, rescind or revoke any notice issued under subsection (1). (5) A person that fails to comply with any requirement specified in a notice issued under subsection (1) shall (if the failure to comply with that requirement is not an offence under any other provision of this Act) 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. (6) In this section, “discriminatory measure” means any measure that is, or is likely to be, not equally disadvantageous or advantageous to all participants of the relevant payment system, in that the measure — ( a ) prejudices or benefits one or more of those participants to a greater extent than the other participants; or ( b ) prejudices or benefits one or more of those participants without affecting the other participants.


document_id: psa-2019
provision_ref: s103
chapter: PART 8 - MISCELLANEOUS
section: 103
title: Power of Authority to make regulations
content:
103. —(1) The Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) Without limiting subsection (1), the Authority may make regulations for or with respect to — ( a ) the fees to be paid in respect of any matter or thing required for the purposes of this Act, and the refund or remission of the whole or any part of any such fees; ( b ) the granting, variation, change, lapsing, surrender, revocation or suspension of a licence, and all incidental matters; ( c ) the cessation of the provision of a payment service by a licensee, an exempt payment service provider or a person exempt under section 100, and all incidental matters; ( d ) the activities that may be carried out by an operator, a settlement institution or a participant of a designated payment system, in relation to its business; ( e ) the standards to be maintained by an operator, a settlement institution or a participant of a designated payment system in the conduct of its business; ( f ) any measures to be taken by an operator, a settlement institution, or a participant or class of participants, of a designated payment system in relation to its business; ( g ) the standards, framework, policies and procedures for business continuity management (including for ensuring the availability of a designated payment system by the maintenance of a backup system) by an operator or a settlement institution of a designated payment system; ( h ) the corporate governance of a licensee, an exempt payment service provider or a person exempt under section 100, or of an operator or a settlement institution of a designated payment system; ( i ) prescribing the offences that may be compounded; ( j ) prescribing the procedure — (i) for the use of the electronic service mentioned in section 106; and (ii) in circumstances where there is a breakdown or an interruption of the electronic service; ( k ) the imposition, variation or revocation of an access regime; ( l ) the acquisition or holding of shares or any other interest in an operator of a designated payment system; ( m ) the acquisition or holding of shares or any other interest by an operator of a designated payment system in any other entity; ( n ) different requirements for the audit of accounts in relation to different designated payment systems; ( o ) the responsibilities of an operator or a settlement institution of a designated payment system in relation to the audit of its accounts; ( p ) the procedures applicable in the event of a default in any payment obligations facilitated by a designated payment system, including the suspension and re‑admission of any participants of the designated payment system; and ( q ) the determination, for the purposes of this Act, of the equivalent in foreign currency of a Singapore dollar amount, including the exchange rate and time at which the amount of foreign currency is to be translated to Singapore currency. (3) Except as otherwise expressly provided in this Act, regulations made under this Act — ( a ) may be of general or specific application; ( aa ) may relate to all, or any class, category or description of persons or payment services, and may make different provisions for different classes, categories or descriptions of persons or payment services or to a particular person or payment service; [Act 1 of 2021 wef 04/04/2024] ( b ) may contain such saving and transitional provisions as the Authority may consider necessary or expedient; ( c ) may provide that a contravention of any specified provision of the regulations shall be an offence; and ( d ) may provide — (i) in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $5,000 for every day or part of a day during which the offence continues after conviction; and (ii) in any other case, for penalties not exceeding a fine of $100,000 and, in the case of a continuing offence, a further penalty not exceeding a fine of $10,000 for every day or part of a day during which the offence continues after conviction.


document_id: psa-2019
provision_ref: s104
chapter: PART 8 - MISCELLANEOUS
section: 104
title: Publication of certain information
content:
104. —(1) The Authority may, from time to time, prepare and publish — ( a ) consolidated statements aggregating any information provided under this Act; or ( b ) for statistical purposes, statements that relate to or are derived from any information provided under this Act in respect of — (i) a payment system, being the only payment system in its class; or (ii) a payment service provided by a licensee, being the only payment service in its class. (2) The Authority may, from time to time and in such form or manner as the Authority considers appropriate, publish such information as the Authority may consider necessary or expedient to publish in the public interest, including information relating to all or any of the following: ( a ) the lapsing, surrender, revocation or suspension of the licence of any person under section 11; ( b ) the acceptance by any person of an offer to compound an offence under section 96; ( c ) the revocation or withdrawal of any exemption granted under this Act; ( d ) the conviction of any person for any offence under this Act; ( e ) any other action taken by the Authority against any person under this Act.


document_id: psa-2019
provision_ref: s105
chapter: PART 8 - MISCELLANEOUS
section: 105
title: Service of documents
content:
105. —(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section. (2) A document permitted or required by this Act to be served on an individual may be served — ( a ) by giving it to the individual personally; ( b ) by sending it by prepaid registered post to the address specified by the individual for the service of documents or, if no address is so specified, the individual’s residential address or business address; ( c ) by leaving it at the individual’s residential address with an adult apparently resident there, or at the individual’s business address with an adult apparently employed there; ( d ) by affixing a copy of the document in a conspicuous place at the individual’s residential address or business address; ( e ) by sending it by fax to the fax number last known to the person giving or serving the document as the fax number for the service of documents on the individual; or ( f ) by sending it by email to the individual’s last email address. (3) A document permitted or required by this Act to be served on a partnership (other than a limited liability partnership) may be served — ( a ) by giving it to any partner or other similar officer of the partnership; ( b ) by leaving it at, or by sending it by prepaid registered post to, the business address of the partnership; ( c ) by sending it by fax to the fax number used at the business address of the partnership; or ( d ) by sending it by email to the last email address of the partnership. (4) A document permitted or required by this Act to be served on a body corporate (including a limited liability partnership) or an unincorporated association may be served — ( a ) by giving it to the secretary or other similar officer of the body corporate or unincorporated association, or to the manager of the limited liability partnership; ( b ) by leaving it at, or by sending it by prepaid registered post to, the registered office or principal office of the body corporate or unincorporated association; ( c ) by sending it by fax to the fax number used at the registered office or principal office of the body corporate or unincorporated association; or ( d ) by sending it by email to the last email address of the body corporate or unincorporated association. (5) Service of a document under subsection (2), (3) or (4) takes effect — ( a ) if the document is sent by fax and a notification of successful transmission is received, on the day of transmission; ( b ) if the document is sent by prepaid registered post, 2 days after the day the document was posted (even if it is returned undelivered); or ( c ) if the document is sent by email, at the time the email becomes capable of being retrieved by the person to whom the document is sent. (6) A document may be served on a person under this Act by email only with that person’s prior written consent. (7) This section does not apply to documents to be served in proceedings in court. (8) In this section — “business address” means — ( a ) in the case of an individual, the individual’s usual or last known place of business, or place of employment, in Singapore; or ( b ) in the case of a partnership (other than a limited liability partnership), the principal or last known place of business in Singapore of the partnership; “document” includes a notice permitted or required by this Act to be served; “last email address” means — ( a ) the last email address given, by the addressee concerned to the person giving or serving the document, as the email address for the service of documents under this Act; or ( b ) the last email address of the addressee concerned known to the person giving or serving the document; “residential address” means an individual’s usual or last known place of residence in Singapore.


document_id: psa-2019
provision_ref: s106
chapter: PART 8 - MISCELLANEOUS
section: 106
title: Electronic service
content:
106. —(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person. (2) For the purposes of the electronic service, the Authority may assign to any person — ( a ) an authentication code; and ( b ) an account with the electronic service. (3) Despite section 105, where a person has given consent for any document to be served on the person through the electronic service — ( a ) the Authority may serve the document on that person by transmitting an electronic record of the document to that person’s account with the electronic service; and ( b ) the document is treated as having been served at the time when an electronic record of the document enters the person’s account with the electronic service. (4) In this section — “account with the electronic service”, in relation to any person, means a computer account within the electronic service that is assigned by the Authority to the person for the storage and retrieval of electronic records relating to the person; “authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure that is assigned to the person for the purposes of identifying and authenticating the access to and use of the electronic service by the person; “document” includes a notice and an order; “electronic record” has the meaning given by section 2(1) of the Electronic Transactions Act 2010.


document_id: psa-2019
provision_ref: s107
chapter: PART 8 - MISCELLANEOUS
section: 107
title: Amendment of Schedules
content:
107. —(1) The Minister may, by order in the Gazette , amend, add to or vary the First or Second Schedule. (2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient. (3) Any order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette . 108. [ Omitted as having had effect ]


document_id: psa-2019
provision_ref: s113
chapter: PART 9 - CONSEQUENTIAL AND RELATED AMENDMENTS
section: 113
title: Amendment of Financial Holding Companies Act 2013
content:
113. Section 53 of the Financial Holding Companies Act 2013 (Act 13 of 2013) is amended by deleting paragraph ( f ) of the definition of “prescribed written law” and substituting the following paragraph: “ ( f ) Payment Services Act 2019; ”. 114. [ Omitted as having had effect ] 115. [ Omitted as having had effect ] 116. [ Omitted as having had effect ] 117. [ Omitted as having had effect ] 118. [ Omitted as having had effect ] 119. [ Omitted as having had effect ] 120. [ Omitted as having had effect ]


document_id: psa-2019
provision_ref: s121
chapter: PART 10 - SAVING AND TRANSITIONAL PROVISIONS
section: 121
title: Interpretation of this Part
content:
121. In this Part, unless the context otherwise requires — “approved bank” and “approved holder” have the meanings given by section 2(1) of the PSOA; “MCRBA” means the Money‑changing and Remittance Businesses Act (Cap. 187, 2008 Revised Edition) as in force immediately before 28 January 2020; “money‑changer’s licence” has the meaning given by section 2(1) of the MCRBA; “PSOA” means the Payment Systems (Oversight) Act (Cap. 222A, 2007 Revised Edition) as in force immediately before 28 January 2020; “remittance licence” has the meaning given by section 2(1) of the MCRBA; “stored value facility” has the meaning given by section 2(1) of the PSOA.


document_id: psa-2019
provision_ref: s122
chapter: PART 10 - SAVING AND TRANSITIONAL PROVISIONS
section: 122
title:
Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA

content:
122. —(1) Any person that, immediately before 28 January 2020, is a holder of a remittance licence, but is not also a holder of a money‑changer’s licence or an approved holder of a stored value facility — ( a ) is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing a cross‑border money transfer service; and ( b ) is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service provided by that person. (2) Any person that, immediately before 28 January 2020, is a holder of a money‑changer’s licence but is not also a holder of a remittance licence or an approved holder of a stored value facility — ( a ) is deemed to have been granted, on 28 January 2020, a money‑changing licence under section 6(7); and ( b ) is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any money‑changing service provided by that person. (3) Any person that, immediately before 28 January 2020, is an approved holder of a stored value facility, but is not also a holder of a remittance licence or a money‑changer’s licence, is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing an e‑money issuance service. (4) Any person that, immediately before 28 January 2020, is a holder of both a remittance licence and a money‑changer’s licence — ( a ) is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services: (i) a cross‑border money transfer service; (ii) a money‑changing service; and ( b ) is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service and any money‑changing service provided by that person. (5) Any person that, immediately before 28 January 2020, is both a holder of a remittance licence and an approved holder of a stored value facility — ( a ) is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services: (i) a cross‑border money transfer service; (ii) an e‑money issuance service; and ( b ) is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service provided by that person. (6) Any person that, immediately before 28 January 2020, is both a holder of a money‑changer’s licence and an approved holder of a stored value facility — ( a ) is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services: (i) a money‑changing service; (ii) an e‑money issuance service; and ( b ) is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any money‑changing service provided by that person. (7) Any person that, immediately before 28 January 2020, is a holder of both a remittance licence and a money‑changer’s licence and an approved holder of a stored value facility — ( a ) is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing all of the following services: (i) a cross‑border money transfer service; (ii) a money‑changing service; (iii) an e‑money issuance service; and ( b ) is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service and any money‑changing service provided by that person. (8) Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is subject, immediately before 28 January 2020, as a holder of a remittance licence or a money‑changer’s licence or as an approved holder of a stored value facility, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as the holder of a licence deemed to have been granted to that person under the applicable subsection. (9) Any individual who, immediately before 28 January 2020, is a chief executive officer, director or partner of a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is deemed, on 28 January 2020, to have been appointed as chief executive officer, director or partner (as the case may be) of that person with the approval of the Authority under section 34(3)( b ). (10) Any approval granted, and any condition imposed, under section 11(3) of the MCRBA that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval granted, and a condition imposed, under section 14(6).


document_id: psa-2019
provision_ref: s123
chapter: PART 10 - SAVING AND TRANSITIONAL PROVISIONS
section: 123
title: Saving and transitional provisions for persons granted exemptions under MCRBA or PSOA
content:
123. —(1) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any cross‑border money transfer service carried on by that person. (2) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a money‑changer’s licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(3), (4) and (5) in respect of any business of providing any money‑changing service carried on by that person. (3) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 33(1) of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any e‑money issuance service carried on by that person. (4) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 31 of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from section 9 in respect of any advertisement, offer or invitation mentioned in section 9 relating to the provision by that person of an e‑money issuance service, an account issuance service, or both of those services. (5) Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3) or (4) is subject, immediately before 28 January 2020 — ( a ) as a person exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence or a money‑changer’s licence; or ( b ) as a person exempt under section 53(2) of the PSOA from section 31 or 33(1) of the PSOA, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as a person exempt under section 100(4).


document_id: psa-2019
provision_ref: s124
chapter: PART 10 - SAVING AND TRANSITIONAL PROVISIONS
section: 124
title:
Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA

content:
124. —(1) Any application for a renewal of a remittance licence or money‑changer’s licence that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant. (2) Any application for any of the following licences and approvals that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant: ( a ) a remittance licence or money‑changer’s licence; ( b ) approval as an approved holder of a stored value facility; ( c ) approval as an approved bank in respect of a stored value facility.


document_id: psa-2019
provision_ref: s125
chapter: PART 10 - SAVING AND TRANSITIONAL PROVISIONS
section: 125
title: Saving and transitional provisions for designated payment systems
content:
125. —(1) Any payment system that, immediately before 28 January 2020, is a designated payment system under section 7(1) of the PSOA is deemed, on 28 January 2020, to be a designated payment system under section 42(1). (2) Any condition or restriction to which a person is subject, immediately before 28 January 2020, in the person’s capacity as an operator, a settlement institution or a participant of a designated payment system under the PSOA, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject under this Act, only to the extent that the condition or restriction is consistent with the provisions of this Act. (3) Any individual who, immediately before 28 January 2020, is a chief executive officer or director of an operator of a designated payment system under the PSOA is deemed, on 28 January 2020, to have been appointed as chief executive officer or director (as the case may be) of that operator with the approval of the Authority under section 65(3)( b ) of this Act. (4) Any approval mentioned in section 23(1) of the PSOA that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 5% controller of an operator of a designated payment system. (5) Any approval mentioned in section 23(2) of the PSOA (for a person to become a 12% controller of an operator of a designated payment system) that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 12% controller of an operator of a designated payment system. (6) Any approval mentioned in section 23(2) of the PSOA (for a person to become a 20% controller of an operator of a designated payment system) that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 20% controller of an operator of a designated payment system. (7) Any condition or restriction imposed under section 24 of the PSOA for an approval mentioned in section 23(1) or (2) of the PSOA is deemed, on 28 January 2020, to be a condition or restriction imposed under section 59(4) for the corresponding approval under section 59(3).


document_id: psa-2019
provision_ref: s126
chapter: PART 10 - SAVING AND TRANSITIONAL PROVISIONS
section: 126
title: Other saving and transitional provisions
content:
126. For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent to the enactment of that provision as the Minister may consider necessary or expedient.


document_id: psa-2025
provision_ref: s1
chapter: PART 1 - PRELIMINARY
section: 1
title: Short title and commencement
content:
1. This Act is the Protection from Scams Act 2025 and comes into operation on a date that the Minister appoints by notification in the Gazette .


document_id: psa-2025
provision_ref: s2
chapter: PART 1 - PRELIMINARY
section: 2
title: Interpretation
content:
2. In this Act — “bank” means a bank in Singapore within the meaning given by section 2(1) of the Banking Act 1970; “bank account”, in relation to a scam victim, means an account with a bank — ( a ) with moneys standing to the credit of, and held in the name of, the scam victim; or ( b ) with moneys standing to the credit of, and held in the names of, 2 or more persons, at least one of whom is the scam victim; “Commissioner” means the Commissioner of Police appointed under section 6(1) of the Police Force Act 2004; “communication device” means a machine, device or thing designed or capable of being used for — ( a ) sending or receiving oral or written messages, voice calls or video calls; ( b ) sending or receiving electronic documents; ( c ) sending or receiving still or moving images; ( d ) sending or receiving audio or video files; or ( e ) providing access to the Internet, using any technology (including remote communication technology), and includes a mobile phone, wireless handheld device (such as a tablet computer) and wearable device (such as a smart watch); “credit facility” means — ( a ) an advance, a loan or other facility that is granted by a bank to a customer who is an individual, and that gives the customer access to any funds or financial guarantee provided by the bank; or ( b ) any other liability that is incurred by a bank on behalf of a customer who is an individual; “remote communication” means communication through — ( a ) the Internet; ( b ) telephone or any other communication device; ( c ) television or radio; or ( d ) any other kind of electronic or other technology for facilitating communication, but excludes any specific system or method of communication that the Minister, by order in the Gazette , declares is not to be treated as remote communication for the purposes of this Act; “restriction order” has the meaning given by section 3; “scam offence” means any offence specified in the Schedule; “scam victim” means an individual against whom a scam offence is committed or intended to be committed; “scammer” means any person whom a specified officer has reason to believe — ( a ) has committed, participated in or facilitated the commission of, or taken any step preparatory to, or in furtherance of, the commission of, any scam offence against a scam victim, whether in Singapore or elsewhere; and ( b ) has interacted with the scam victim via remote communication for the purposes of the activity or step mentioned in paragraph ( a ); “specified officer” means a police officer within the meaning given by section 2(1) of the Police Force Act 2004 or a Commercial Affairs Officer appointed under section 64(1) of that Act.


document_id: psa-2025
provision_ref: s3
chapter: PART 2 - RESTRICTION ORDERS
section: 3
title: Meaning and scope of restriction orders
content:
3. A restriction order is an order issued by a specified officer to one or more banks in relation to a scam victim — ( a ) directing the bank or each of the banks not to do any of the following at any time when the restriction order is in force: (i) allow a transfer or withdrawal of money from any bank account of the scam victim maintained with that bank; (ii) grant, or allow a drawdown of, any credit facility to the scam victim; and ( b ) specifying the time that the direction under paragraph ( a ) takes effect.


document_id: psa-2025
provision_ref: s4
chapter: PART 2 - RESTRICTION ORDERS
section: 4
title: Issue of restriction orders
content:
4. —(1) A specified officer may, on receipt of any information, issue a restriction order to one or more banks if — ( a ) the specified officer has reason to believe that a scam victim will — (i) instruct the bank or any of the banks to transfer any money from a bank account to a scammer (whether directly or indirectly through any intermediary); (ii) withdraw any money from a bank account with the intention of giving the money (or any part of the money) to a scammer (whether directly or indirectly through any intermediary); or (iii) apply for any credit facility from the bank or any of the banks, or draw down on any credit facility granted by the bank or any of the banks, with the intention of benefitting a scammer by a drawdown on the credit facility; and ( b ) the restriction order is necessary for the protection of the scam victim, having regard to — (i) the time required by any specified officer, relative of the scam victim or other persons (including, but not limited to, non‑profit organisations and non‑governmental organisations) to implement any measures to reduce the risk of the scam victim becoming, or continuing to be, a victim of a scam offence; and (ii) all other relevant circumstances. (2) In subsection (1), “relative”, in relation to a scam victim, means the spouse, or a sibling or stepsibling, child (including an adopted child), stepchild, grandchild or step‑grandchild, nephew or step‑nephew, or niece or step‑niece, of the scam victim.


document_id: psa-2025
provision_ref: s5
chapter: PART 2 - RESTRICTION ORDERS
section: 5
title: Duration, cancellation, variation and extension of restriction order
content:
5. —(1) Subject to this section, a restriction order is in force for 30 days or any shorter period that may be specified in the order. (2) A specified officer may, at any time a restriction order is in force, cancel the order. (3) The cancellation of a restriction order does not affect the operation of the restriction order, or anything done or omitted to be done in compliance with the restriction order, before the date of its cancellation. (4) A specified officer may, on the application of any of the following persons, vary a restriction order by permitting a bank which is subject to the restriction order to allow a transfer or withdrawal of money from a bank account of a scam victim by or on the instruction of the applicant, subject to any limit or terms that the specified officer may specify to that bank: ( a ) the scam victim; ( b ) any joint account holder of that bank account. (5) A specified officer may, at any time a restriction order is in force, extend the restriction order for a period not exceeding 30 days if the specified officer is of the view that more time is required by any specified officer to reduce the risk of the scam victim becoming, or continuing to be, a victim of a scam offence. (6) A restriction order must not be extended more than 5 times under subsection (5).


document_id: psa-2025
provision_ref: s6
chapter: PART 2 - RESTRICTION ORDERS
section: 6
title: Offence of contravening restriction order and composition of offence
content:
6. —(1) Any bank which contravenes a restriction order without reasonable excuse shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $3,000. (2) A specified officer may compound an offence under subsection (1) by collecting from a bank which is reasonably suspected of having committed the offence a sum not exceeding $1,500. (3) On payment of the sum of money under subsection (2), no further proceedings are to be taken against the bank in respect of the offence. (4) All sums collected under this section must be paid into the Consolidated Funds.


document_id: psa-2025
provision_ref: s7
chapter: PART 3 - APPEALS
section: 7
title: Appeals against restriction orders, etc.
content:
7. —(1) Any of the following persons may appeal to the Commissioner against any decision of a specified officer under this Act in relation to a restriction order: ( a ) a scam victim in relation to whom the restriction order is issued; ( b ) any joint account holder of a bank account of a scam victim maintained by a bank which is subject to the restriction order. (2) An appeal under this section must be — ( a ) in the prescribed form and specify the grounds on which it is made; ( b ) accompanied by the prescribed documents or information; and ( c ) made within the prescribed period after the time of receipt of the notification relating to the decision appealed against. (3) The Commissioner may reject an appeal of an appellant who fails to comply with subsection (2). (4) The Commissioner may — ( a ) consider any relevant documents or information other than those submitted by the appellant; and ( b ) decide an appeal — (i) based solely on documentary evidence; and (ii) without holding any hearing of the appeal. (5) After considering the appeal, the Commissioner may — ( a ) reject the appeal and confirm the specified officer’s decision; or ( b ) allow the appeal and revoke, substitute or vary the specified officer’s decision. (6) The Commissioner’s decision on an appeal is final. (7) Every appellant and any other prescribed person must be notified of the Commissioner’s decision under subsection (5). (8) An appeal against a specified officer’s decision — ( a ) does not affect the operation of the decision appealed against or prevent the taking of any action to implement the decision; and ( b ) unless otherwise directed by the Commissioner, the decision appealed against must be complied with until the determination of the appeal.


document_id: psa-2025
provision_ref: s8
chapter: PART 3 - APPEALS
section: 8
title: Designation of appropriate officers to hear appeals
content:
8. —(1) The Commissioner may designate an appropriate officer to hear and determine, in the Commissioner’s place, any appeals or a specific appeal under section 7. (2) Upon a designation under subsection (1), any reference in section 7 to the Commissioner includes a reference to the appropriate officer so designated for that appeal. (3) In this section, “appropriate officer” means any person who is designated by the Commissioner as a Deputy Commissioner of Police for the purposes of any provision of the Police Force Act 2004 or its subsidiary legislation, or in the Police General Orders, Force Orders or Standing Orders made under that Act.


document_id: psa-2025
provision_ref: s9
chapter: PART 4 - MISCELLANEOUS
section: 9
title: Immunity for complying with restriction orders
content:
9. —(1) No criminal or civil liability is to be incurred by — ( a ) a bank; or ( b ) an officer, employee or agent of a bank, for anything done or omitted to be done with reasonable care and in good faith in complying with any restriction order or in the execution or purported execution of any duty under this Act. (2) In subsection (1), “officer”, in relation to a bank, means any director, chief executive, manager, secretary or other similar officer of the bank, and includes — ( a ) any person purporting to act in any such capacity; and ( b ) for a bank whose affairs are managed by its members — any of those members as if the member were a director of the bank.


document_id: psa-2025
provision_ref: s11
chapter: PART 4 - MISCELLANEOUS
section: 11
title: Regulations
content:
11. —(1) The Minister may make regulations — ( a ) to prescribe anything that is required or permitted to be prescribed by this Act; and ( b ) generally for the purposes of this Act. (2) Without limiting subsection (1), regulations may provide for — ( a ) the person or persons (each called in this subsection an affected person) who must be notified of an issue, cancellation, variation or extension of a restriction order under section 4(1) or 5; ( b ) the person or persons who must notify an affected person; ( c ) the time within which an affected person must be notified; ( d ) the manner in which an affected person may be notified; ( e ) the circumstances in which an affected person is deemed to have received a notification; and ( f ) the procedure for an appeal under section 7.


document_id: psga-2018
provision_ref: s2
chapter: PART 1 - PRELIMINARY
section: 2
title: Interpretation
content:
2. —(1) In this Act, unless the context otherwise requires — “chairperson”, in relation to a public body, means the individual who is appointed under the constitutional Act of the public body as the chairperson of the public body, and includes any individual appointed under that Act to act in that capacity; “chief executive”, in relation to a public body, means the individual (however designated) who is appointed as the chief executive officer of the public body, and includes any individual acting in that capacity temporarily; “comply”, in relation to a direction under Part 2, means to give effect to the direction or to have regard to the direction, as the context of the direction requires; “constitutional Act”, in relation to a public body, means the Act by or under which the public body is established; “control”, in relation to information, has the meaning given by subsection (3); “data sharing direction” means a direction given under section 4 on sharing of information or re‑identification of anonymised information under the control of a Singapore public sector agency; “financial year”, for a public body, means a period defined by the constitutional Act of the public body to be the financial year of the public body; “function” means a function under written law and includes a power or duty under written law; “governing body”, for a public body, means the public body unless the constitutional Act of the public body specifies otherwise; “Group 1 public body” means a public body specified in the First Schedule; “Group 1A public body” means a public body specified in Part 1 of the First Schedule; “Group 1B public body” means a public body specified in Part 2 of the First Schedule; “Group 1C public body” means a public body specified in Part 3 of the First Schedule; “Group 2 public body” means a public body specified in the Second Schedule, being a public body the main function of which is to regulate the practice and standards of a profession; “Group 2A public body” means a public body specified in Part 1 of the Second Schedule; “Group 2B public body” means a public body specified in Part 2 of the Second Schedule; “Group 3 public body” means a public body specified in the Third Schedule, being a public body the main function of which is to represent particular community interests or the volunteer movement; “Group 3A public body” means a public body specified in Part 1 of the Third Schedule; “Group 3B public body” means a public body specified in Part 2 of the Third Schedule; “information” includes — ( a ) any facts, statistics, instructions, concepts or other data in a form that is capable of being communicated, analysed or processed (whether by an individual or a computer or other automated methods); and ( b ) data sets; “member”, in relation to a public body, means — ( a ) an individual who is appointed under the constitutional Act of the public body as a member of the public body; or ( b ) an individual who is appointed under the constitutional Act of the public body as a member of the governing body of the public body, where there is a governing body, and includes an individual who is appointed under the constitutional Act of the public body to act in that capacity temporarily; “public body” means a body corporate established by a public Act for the purposes of a public function but excludes a Town Council established under section 4 of the Town Councils Act 1988; “public service” means — ( a ) the Singapore Armed Forces; ( b ) the Singapore Civil Defence Force; ( c ) the Singapore Civil Service; ( ca ) the Singapore Judicial Service; [Act 33 of 2021 wef 14/01/2022] ( d ) the Singapore Legal Service; and ( e ) the Singapore Police Force; “Public Service Commission” means the Public Service Commission established under Article 105 of the Constitution; “responsible Minister”, in relation to a public body, means the Minister charged with the responsibility for the public body; “share”, in relation to information under the control of a Singapore public sector agency, means to provide (or be provided with) the information; “Singapore public sector” means the sector comprising — ( a ) the public service; and ( b ) all Group 1, Group 2 and Group 3 public bodies; “Singapore public sector agency” means any of the following: ( a ) a Group 1, Group 2 or Group 3 public body; ( b ) a ministry or department of the Government; ( c ) an Organ of State; ( d ) a public officer or a person exercising a public official function, who is declared by the Minister by order in the Gazette to be a Singapore public sector agency for the purposes of this Act; “whole-of-government” means the whole of the Singapore public sector. (2) In this Act, unless the context otherwise requires, an individual is an officer of a Singapore public sector agency for the time he or she is — ( a ) a public officer holding a post in a ministry or department of the Government or an Organ of State which is that Singapore public sector agency (including a public officer on leave without pay); ( b ) an employee of a Group 1, Group 2 or Group 3 public body which is that Singapore public sector agency (including an employee on leave without pay); or ( c ) under a secondment arrangement making available temporarily to that Singapore public sector agency the service of the individual. (3) For the purposes of this Act, a Singapore public sector agency is taken to have control of information if — ( a ) the Singapore public sector agency has possession or custody of the information; or ( b ) the Singapore public sector agency has the information in the possession or custody of some other person.


document_id: psga-2018
provision_ref: s3
chapter: PART 1 - PRELIMINARY
section: 3
title: Purposes of Act
content:
3. The purposes of this Act are — ( a ) to establish a consistent system of governance and accountability across public bodies in Singapore that meets high standards of accountability; ( b ) to clarify the accountability relationship between public bodies, their members, their responsible Ministers and the Government; and ( c ) to require and support a whole-of-government approach to the delivery of services in the Singapore public sector.


document_id: psga-2018
provision_ref: s4
chapter: PART 2 - DIRECTIONS
section: 4
title: Directions for whole-of-government approach, etc.
content:
4. —(1) Subject to subsection (2), the Minister may, on the recommendation of the relevant Minister (if any), give or jointly give a direction, as the case may be — ( a ) to all Singapore public sector agencies; or ( b ) to a Singapore public sector agency or a class of Singapore public sector agencies specified in the direction, requiring the Singapore public sector agency or agencies concerned to comply with a policy of the Government (as amended from time to time, and with or without modifications) relating to all or any pertinent subject matter. (2) A direction under subsection (1) may be made only for all or any of the following purposes: ( a ) to uphold and promote the values of the Singapore public sector; ( b ) to secure economies or efficiencies for the Singapore public sector; ( c ) to improve (directly or indirectly) the efficiency or effectiveness of policies, programme management or service planning and delivery by Singapore public sector agencies (whether by carrying out data analytics work or otherwise); ( d ) to ensure business continuity; ( e ) to ensure accountable and prudent stewardship of Singapore public sector finances and resources; ( f ) to manage risks to the financial position of the Government; ( g ) to support a whole-of-government approach in the discharge of the Singapore public sector agencies’ functions. (3) For the purposes of subsection (1), “pertinent subject matter” means the following: ( a ) employment, management and discipline of employees; ( b ) management of official documents; ( c ) financial and resource management and accountability; ( d ) use or development of information technology; ( e ) data governance (including personal data protection) and sharing of information under the control of a Singapore public sector agency with another Singapore public sector agency. (4) The “relevant Minister” for a pertinent subject matter is as follows: ( a ) for the matter in subsection (3)( a ), the Minister charged with the responsibility for public sector personnel policy; ( b ) for the matter in subsection (3)( b ), the Minister charged with the responsibility for Government records and archives; ( c ) for the matter in subsection (3)( c ), the Minister charged with the responsibility for Government finance; ( d ) for the matter in subsection (3)( d ), the Minister charged with the responsibility for public sector info‑communications technology and related engineering; ( e ) for the matter in subsection (3)( e ), the Minister charged with the responsibility for public sector data governance.


document_id: psga-2018
provision_ref: s5
chapter: PART 2 - DIRECTIONS
section: 5
title: Directions by responsible Minister
content:
5. —(1) The responsible Minister for a Group 1 public body may give to the public body directions as to the performance by the public body of its functions. (2) To avoid doubt, this section does not affect any requirement in the constitutional Act of a public body or other Act administered by a public body requiring the responsible Minister to consult any person specified in that Act before exercising the power under subsection (1) in relation to the public body. Division 2 &#x2014; Directions on data sharing


document_id: psga-2018
provision_ref: s6
chapter: PART 2 - DIRECTIONS
section: 6
title: Authority to share
content:
6. —(1) Where a data sharing direction is given to a Singapore public sector agency — ( a ) the Singapore public sector agency and every officer of that agency; and ( b ) where the Singapore public sector agency is a public body, the members of the public body, are authorised to share the information under the control of the Singapore public sector agency with another Singapore public sector agency to the extent permitted by the data sharing direction despite any obligation as to confidentiality under the common law. (2) However, subsection (1) does not override any obligation as to confidentiality because of legal privilege or contract. (3) To avoid doubt, this Act is not intended to prevent or discourage the sharing of information by Singapore public sector agencies as permitted or required by or under any Act or other law (apart from this Act).


document_id: psga-2018
provision_ref: s7
chapter: PART 2 - DIRECTIONS
section: 7
title: Unauthorised disclosure and improper use of information
content:
7. —(1) If — ( a ) an individual discloses, or the individual’s conduct causes disclosure of, information under the control of a Singapore public sector agency to another person (whether or not a Singapore public sector agency); ( b ) the disclosure is not authorised by any data sharing direction given to the Singapore public sector agency; ( c ) the individual is a relevant public official of the Singapore public sector agency at the time of the disclosure; and ( d ) the individual does so — (i) knowing that the disclosure is not in accordance with that direction; or (ii) reckless as to whether the disclosure is or is not in accordance with that direction, the individual shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both. (2) In proceedings for an offence under subsection (1), it is a defence for the defendant to prove, on a balance of probabilities, any of the following: ( a ) the information under the control of the Singapore public sector agency was, at the time of its disclosure by the defendant, generally available information; ( b ) the defendant disclosed or caused the disclosure of information under the control of a Singapore public sector agency — (i) as permitted or required by or under an Act or other law (apart from this Act); (ii) as authorised or required by an order of court; or (iii) in any other circumstances, or for any other purpose, prescribed. [40/2020] (3) If — ( a ) an individual makes use of information under the control of a Singapore public sector agency ( A ); ( b ) the use is not authorised by any data sharing direction given to A ; ( c ) the individual is a relevant public official of A or another Singapore public sector agency at the time of the use; ( d ) the individual does so — (i) knowing that the use is not in accordance with such a data sharing direction; or (ii) reckless as to whether the use is or is not in accordance with such a data sharing direction; and ( e ) the individual as a result of that use — (i) obtains a gain for the individual or another person; (ii) causes harm to another individual; or (iii) causes a loss to another person, the individual shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both. [40/2020] (4) If — ( a ) an individual makes use of information (other than personal data) under the control of a Singapore public sector agency ( A ); ( b ) the use is not authorised by A ; ( c ) the individual is — (i) a contractor supplying goods or services to A or to another Singapore public sector agency; or (ii) an employee of a person who is a contractor supplying goods or services to A or to another Singapore public sector agency; ( d ) the individual does so — (i) knowing that the use is not authorised by A ; or (ii) reckless as to whether the use is or is not authorised by A ; and ( e ) the individual, as a result of that use — (i) obtains a gain for the individual or another person; (ii) causes harm to another individual; or (iii) causes a loss to another person, the individual shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both. [40/2020] (5) In proceedings for an offence under subsection (3) or (4), it is a defence for the defendant to prove, on a balance of probabilities, any of the following: ( a ) that the information under the control of A that was used was, at the time of its use, generally available information; ( b ) the defendant used the information under the control of A — (i) as permitted or required by or under an Act or other law (apart from this Act); (ii) as authorised or required by an order of court; or (iii) in any other circumstances, or for any other purpose, prescribed. [40/2020] (6) To avoid doubt, subsection (2) or (5) does not affect any obligation or limitation imposed on, or prohibition of, the disclosure or use of information under the control of a Singapore public sector agency by or under any other written law or other law. [40/2020] (7) In this section — “disclose”, in relation to information, includes provide access to information; “gain” means — ( a ) a gain in property or a supply of services (whether temporary or permanent); or ( b ) an opportunity to earn remuneration or greater remuneration or to gain a financial advantage otherwise than by way of remuneration; “generally available information” means information that consists of readily observable matter, including information that consists of deductions, conclusions or inferences made or drawn from readily observable matter; “harm”, in relation to an individual, means — ( a ) any physical harm; or ( b ) harassment, alarm or distress caused to the individual; “loss” means — ( a ) a loss in property or a supply of services, whether temporary or permanent; or ( b ) a loss of an opportunity to earn remuneration or greater remuneration or to gain a financial advantage otherwise than by way of remuneration, but excludes, in relation to an individual, the loss of personal data about the individual; “personal data” has the meaning given by section 2(1) of the Personal Data Protection Act 2012; “relevant public official”, for a Singapore public sector agency, means — ( a ) an officer of the Singapore public sector agency; ( b ) a member of a Group 1, Group 2 or Group 3 public body which is that Singapore public sector agency, or of the governing body of such a public body; or ( c ) the chief executive of a Group 1, Group 2 or Group 3 public body which is that Singapore public sector agency. [40/2020]


document_id: psga-2018
provision_ref: s8
chapter: PART 2 - DIRECTIONS
section: 8
title: Unauthorised re-identification of anonymised information
content:
8. —(1) If — ( a ) an individual takes any action to re-identify or cause re‑identification of the person to whom anonymised information under the control of a Singapore public sector agency relates; ( b ) the re-identification is not authorised by any data sharing direction given to the Singapore public sector agency; ( c ) the individual is a relevant public official of the Singapore public sector agency at the time of taking that action; and ( d ) the individual does so — (i) knowing that the re‑identification is not authorised by that data sharing direction; or (ii) reckless as to whether the re‑identification is or is not authorised by that data sharing direction, the individual shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both. (2) In proceedings for an offence under subsection (1), it is a defence to the charge for the accused to prove, on a balance of probabilities, that — ( a ) the information on the identity is publicly available; ( b ) the action to re-identify or cause re-identification is — (i) permitted or required by or under an Act or other law (apart from this Act); (ii) authorised or required by an order of court; or (iii) in any other circumstances, or for any other purpose, prescribed; or ( c ) the accused — (i) reasonably believed that the re‑identification was for a specified purpose; and (ii) notified either of the following agencies of the re‑identification as soon as was practicable: (A) the Singapore public sector agency; (B) the Government Technology Agency. [40/2020] (3) To avoid doubt, subsection (2) does not affect any obligation or limitation imposed on, or prohibition of, the re‑identification of anonymised information under the control of a Singapore public sector agency by or under any other written law or other law. [40/2020] (4) In this section — “anonymised information” means any information which is in anonymised or de‑identified form; “Government Technology Agency” means the Government Technology Agency established by section 3 of the Government Technology Agency Act 2016; “personal data” has the meaning given by section 2(1) of the Personal Data Protection Act 2012; “relevant public official” has the meaning given by section 7(7); “specified purpose” means any purpose specified in the Eleventh Schedule to the Personal Data Protection Act 2012. [40/2020] Division 3 &#x2014; General


document_id: psga-2018
provision_ref: s9
chapter: PART 2 - DIRECTIONS
section: 9
title: Form of directions, etc.
content:
9. —(1) A direction under section 4 or 5 to a Singapore public sector agency or a class of Singapore public sector agencies specified in the direction may — ( a ) be in the form of a circular or an instruction or order addressed to — (i) the Singapore public sector agency or every Singapore public sector agency in that class, as the case may be; and (ii) the members of a public body which is the Singapore public sector agency in sub‑paragraph (i) and its chief executive; and ( b ) be amended or replaced in the same way as it may be given. (2) A direction under section 4 or 5 does not have legislative effect.


document_id: psga-2018
provision_ref: s10
chapter: PART 2 - DIRECTIONS
section: 10
title: Compliance with directions, etc.
content:
10. —(1) Every Singapore public sector agency, or every Singapore public sector agency within the class of Singapore public sector agencies, to which a direction under section 4 or 5 is given must, in performing its functions, comply with the direction starting from the date specified in the direction. (2) The functions of a public body under written law are to be regarded as including compliance with a direction given to it under section 4 or 5.


document_id: psga-2018
provision_ref: s11
chapter: PART 2 - DIRECTIONS
section: 11
title: Limit to effect of directions
content:
11. —(1) A direction under section 4 or 5 must not be inconsistent with this Act or any other written law. (2) A direction under section 4 or 5 is not binding on a Singapore public sector agency to the extent (if any) to which it would impede or affect the performance of — ( a ) a statutorily independent function of the Singapore public sector agency; or ( b ) a quasi-judicial function of the Singapore public sector agency or any of its officers in relation to a particular matter. (3) This Part does not authorise any Minister to direct a Singapore public sector agency, or any member or officer of a public body, or any public officer, requiring — ( a ) the performance or non‑performance of a particular act or the bringing about of a particular result, in respect of a particular person or persons; or ( b ) the making of an employment decision relating to a particular individual. (4) However, subsection (3) does not prevent a Minister from giving a direction under the Government Procurement Act 1997. (5) In this section, “employment decision” means an administrative decision relating to the employment of an individual, including — ( a ) the appointment, promotion, transfer, remuneration or benefits of employment; ( b ) the termination of an individual’s employment; and ( c ) the taking of disciplinary action against an employee.


document_id: psga-2018
provision_ref: s12
chapter: PART 3 - PERSONNEL MATTERS
section: 12
title: Application of this Part
content:
12. This Part applies to and in relation to every Group 1, every Group 2 and every Group 3 public body to the extent provided in this Part.


document_id: psga-2018
provision_ref: s13
chapter: PART 3 - PERSONNEL MATTERS
section: 13
title: Interpretation of this Part
content:
13. In this Part, unless the context otherwise requires — “appoint” includes appointing a public officer under a secondment arrangement making available temporarily to a public body the service of the public officer, but excludes to promote; “disciplinary penalty”, for a chief executive, means dismissal from the office of chief executive, reduction in grade, financial penalty, stoppage of increment or withdrawal of any employment benefit because of misconduct; “public body” includes the governing body of a public body where the constitutional Act of the public body provides for such a governing body. Division 1 &#x2014; Chief executives


document_id: psga-2018
provision_ref: s14
chapter: PART 3 - PERSONNEL MATTERS
section: 14
title: Role of chief executive
content:
14. —(1) The chief executive of a public body is responsible to the public body — ( a ) for the proper administration and management of the functions and affairs of the public body in accordance with the policy laid down by the public body and the directions given to the public body under this Act; and ( b ) for ensuring delivery of services, and collaboration to achieve outcomes with other Singapore public sector agencies for the attainment of whole‑of‑government objectives that are communicated to the public body. (2) The chief executive of a public body may be known by such designation as the constitutional Act of the public body prescribes or, subject to that Act, as that public body determines.


document_id: psga-2018
provision_ref: s15
chapter: PART 3 - PERSONNEL MATTERS
section: 15
title: Appointment of chief executive
content:
15. —(1) Subject to subsection (2), the chief executive of a Group 1, Group 2A or Group 3 public body must be appointed by the public body, and no other. (2) An individual must not be appointed as the chief executive of a Group 1, Group 2A or Group 3 public body except — ( a ) with the prior approval of the responsible Minister for the public body, in the case of a Group 1, Group 2A or Group 3 public body; and ( b ) with the prior concurrence of the Public Service Commission, in the case of a Group 1 public body. (3) Where an individual has been appointed as the chief executive of a public body in contravention of subsection (2), the responsible Minister for the public body may issue a direction to the public body to remove the individual as its chief executive; and the public body must comply with that direction.


document_id: psga-2018
provision_ref: s16
chapter: PART 3 - PERSONNEL MATTERS
section: 16
title: Removal of chief executive
content:
16. —(1) Subject to subsection (2), the chief executive of a Group 1, Group 2A or Group 3 public body must not be removed from that office except — ( a ) with the prior approval of the responsible Minister for the public body, in the case of a Group 1, Group 2A or Group 3 public body; and ( b ) with the prior concurrence of the Public Service Commission, in the case of a Group 1 public body. (2) Subsection (1) does not apply where — ( a ) a direction is given by a responsible Minister under section 15(3); or ( b ) the Public Service Commission concurs under section 17 with a dismissal of a chief executive of a Group 1 public body. (3) To avoid doubt, this section does not prevent a resignation of an individual as a chief executive of a public body, or the acceptance by a public body of such a resignation.


document_id: psga-2018
provision_ref: s17
chapter: PART 3 - PERSONNEL MATTERS
section: 17
title: Disciplinary control over chief executive
content:
17. —(1) A disciplinary penalty must not be imposed by any Group 1 public body on its chief executive without the prior concurrence of the Public Service Commission with the decision of the public body to impose the disciplinary penalty. (2) This section does not apply in relation to a chief executive of a public body who is a public officer under a secondment arrangement making available temporarily to the public body the service of the public officer.


document_id: psga-2018
provision_ref: s18
chapter: PART 3 - PERSONNEL MATTERS
section: 18
title: Promotion of chief executive
content:
18. —(1) A Group 1 public body must not promote its chief executive to a higher grade in that office without the prior concurrence of the Public Service Commission with the promotion. (2) Where an individual has been promoted by a public body in contravention of subsection (1), the responsible Minister for the public body may give a direction to the public body to take such steps as are necessary to rectify the contravention; and the public body must comply with that direction despite any agreement or other law. (3) This section does not apply in relation to a chief executive of a public body who is a public officer under a secondment arrangement making available temporarily to the public body the service of the public officer.


document_id: psga-2018
provision_ref: s19
chapter: PART 3 - PERSONNEL MATTERS
section: 19
title: Saving for other written law
content:
19. To avoid doubt, this Division does not affect any requirement in the Constitution for the concurrence of the President to an appointment or a removal of the chief executive of a public body in the Fifth Schedule to the Constitution. Division 2 &#x2014; Public servants


document_id: psga-2018
provision_ref: s20
chapter: PART 3 - PERSONNEL MATTERS
section: 20
title: Deemed public servants
content:
20. —(1) The following individuals of a Group 1, Group 2 or Group 3 public body are each deemed to be a public servant for the purposes of the Penal Code 1871 in relation to his or her carrying out any function of the public body: ( a ) the chairperson of the public body; ( b ) a member of the public body; ( c ) the chief executive of the public body; ( d ) an officer of the public body. (2) Every member of a committee which — ( a ) is formed by a Group 1A, Group 1B, Group 2 or Group 3 public body; and ( b ) is delegated to carry out any function of the public body under its constitutional Act or any other written law, is taken to be a public servant for the purposes of the Penal Code 1871 in relation to his or her carrying out the function of the public body.


document_id: psga-2018
provision_ref: s21
chapter: PART 3 - PERSONNEL MATTERS
section: 21
title: Deemed public officers
content:
21. —(1) Every individual mentioned in section 20, and every member of a committee which is formed by a Group 1C public body to carry out any of its functions, is taken to be a public officer for the purposes of the Financial Procedure Act 1966 in relation to — ( a ) his or her administration, assessment, collection or enforcement of payment of any fee, tax, charge, financial penalty or other sum of money which is imposed or collected under the constitutional Act of the public body or any other written law administered by the public body and — (i) is collected by the public body as an agent of the Government under the constitutional Act or that other written law; or (ii) is payable or required by the constitutional Act or other written law to be paid into the Consolidated Fund or other Government Fund; ( b ) his or her disbursing, on behalf of the Government, under the constitutional Act of the public body or any other written law administered by the public body, any financial assistance or other benefits using moneys withdrawn from the Consolidated Fund or other Government Fund; or ( c ) his or her administration and management of any contract entered into or managed by the public body on behalf of the Government, and section 20 of the Financial Procedure Act 1966 applies to each of these individuals even though they are not or were not in the employment of the Government. (2) Every member and officer of a Group 1 public body with a function of acting as an agent of the Government is, in relation to his or her entering into contracts on behalf of the Government in the performance of that function, taken to be a public officer for the purposes of the Government Contracts Act 1966.


document_id: psga-2018
provision_ref: s22
chapter: PART 4 - GOVERNANCE
section: 22
title: Application of this Part
content:
22. This Part applies to and in relation to every Group 1, every Group 2 and every Group 3 public body. Division 1 &#x2014; Disclosure of conflict of interests


document_id: psga-2018
provision_ref: s23
chapter: PART 4 - GOVERNANCE
section: 23
title: Interpretation of “relevant matter”, “associate”, etc.
content:
23. —(1) In this Division, “relevant matter”, for a public body, means — ( a ) the public body’s performance of its functions or exercise of its powers under written law; or ( b ) an arrangement or agreement, or a contract, made or entered into, or proposed to be made or entered into, by the public body. (2) A member of a public body is interested in a relevant matter relating to the public body if the member, or an associate of the member — ( a ) may derive a direct or indirect financial benefit from the relevant matter; ( b ) may have a direct or indirect financial interest in a person to whom the relevant matter relates; or ( c ) is otherwise directly or indirectly interested in the matter. (3) However, a member of a public body is not interested, directly or indirectly, in a relevant matter relating to the public body — ( a ) only because of an interest in a question about the level of remuneration, allowances or expenses to be set for members of the public body; ( b ) only because of an interest that the member, or an associate of the member, shares in common with the general public or a substantial section of the public; ( c ) only because the member, or an associate of the member, has an interest in payment or reimbursement of membership fees for, or expenses related to membership in, a body with predominantly charitable objects; ( d ) only because he or she has past or current involvement in the relevant sector, industry or practice; ( e ) only because the member, or an associate of the member, is a customer of any service provided or goods supplied by the public body to the public generally or a section of the public in the performance of its functions or exercise of its powers under written law; ( f ) only because the member is a director or chief executive officer of a wholly‑owned subsidiary corporation of the public body and the relevant matter is with or for the benefit of or done on behalf of that wholly‑owned subsidiary corporation; ( g ) where the member is appointed to represent — (i) the Government or a holder of a public office; or (ii) a community or special interest group in accordance with the constitutional Act of the public body, only because the relevant matter is with or for the benefit of or done on behalf of the Government or that public office or that community or group, as the case may be; or ( h ) if his or her interest is so remote or insignificant that it cannot reasonably be regarded as likely to influence him or her in carrying out his or her responsibilities under this Act or another written law administered by the public body in respect of that relevant matter. (4) In this Division, a person is an associate of another if — ( a ) they are spouses or siblings or a parent and child or they are in a similar close family relationship; ( b ) they are in partnership; ( c ) one is a company and the other is a director or manager of the company; ( d ) one is a private company within the meaning of the Companies Act 1967 and the other is a shareholder in the company; or ( e ) a chain of relationships can be traced between them under one or more of the above paragraphs. (5) In this section, a person is a wholly‑owned subsidiary corporation of a public body if none of the members of the corporation is a person other than — ( a ) the public body; ( b ) a nominee of the public body; ( c ) a subsidiary of the public body being a subsidiary none of the members of which is a person other than that public body or a nominee of that public body; or ( d ) a nominee of a subsidiary mentioned in paragraph ( c ), and “subsidiary” has the meaning given by the Companies Act 1967. (6) In this Division, unless the context otherwise requires, “public body” includes the governing body of a public body where the constitutional Act of the public body provides for such a governing body.


document_id: psga-2018
provision_ref: s24
chapter: PART 4 - GOVERNANCE
section: 24
title: Obligation to disclose interest
content:
24. —(1) A member of a public body who is interested in a relevant matter relating to the public body must disclose details of the interest in accordance with section 25 as soon as practicable after the member becomes aware that he or she is interested. (2) A general notice of an interest — ( a ) in a relevant matter relating to the public body; or ( b ) in a relevant matter that may in future relate to the public body, that is disclosed in accordance with section 25 is a standing disclosure of that interest for the purposes of this section. (3) However, a standing disclosure ceases to have effect if the nature of the interest materially alters or the extent of the interest materially increases. (4) To avoid doubt, this section is in addition to, and not in derogation of, the operation of any rule of law restricting a member of a public body from having any interest in arrangements, agreements or contracts of the public body or from holding offices or possessing interests in conflict with his or her duties as such a member.


document_id: psga-2018
provision_ref: s25
chapter: PART 4 - GOVERNANCE
section: 25
title: To whom and what to disclose
content:
25. —(1) A member of a public body who is interested in a relevant matter relating to the public body must disclose details of the interest — ( a ) in the case of the chairperson — (i) to the chief executive and all other members of the public body; and (ii) to the responsible Minister for the public body; or ( b ) in the case of any other member — (i) to the chairperson of the public body; (ii) if there is no chairperson or the chairperson is interested, to a deputy chairperson of the public body; or (iii) if there is neither a chairperson nor deputy chairperson or if the chairperson and every deputy chairperson are interested, to the responsible Minister for the public body. (2) The details that must be disclosed under this section are — ( a ) the nature of the interest and the monetary value of the interest (if the monetary value can be quantified); or ( b ) the nature and extent of the interest (if the monetary value cannot be quantified). (3) The chief executive of a public body must ensure that every disclosure under this section — ( a ) is recorded in a register of interests kept by the public body; and ( b ) is brought to the attention of the member presiding at a meeting of the public body that relates to the relevant matter.


document_id: psga-2018
provision_ref: s26
chapter: PART 4 - GOVERNANCE
section: 26
title: Consequences of being interested in relevant matter
content:
26. A member of a public body who is interested in a relevant matter relating to the public body — ( a ) must not vote or take part in any discussion or decision of the public body or any committee relating to the matter, or otherwise participate in any activity of the public body that relates to the matter; ( b ) must withdraw from any meeting of the public body or committee during the consideration or discussion relating to the matter if the member presiding at the meeting so requests; ( c ) must not sign any document relating to the entry into a transaction or the initiation of the matter; and ( d ) must be disregarded for the purpose of forming a quorum for that part of a meeting of the public body or a committee during which a discussion or decision relating to the matter occurs or is made.


document_id: psga-2018
provision_ref: s27
chapter: PART 4 - GOVERNANCE
section: 27
title: Consequences of failure to disclose interest
content:
27. —(1) A public body must notify its responsible Minister of a failure to comply with section 25 or 26, and of the matters affected, as soon as practicable after becoming aware of the failure. (2) However, the exercise of any power or performance of any function of a public body by the public body is not affected merely because at the relevant time — ( a ) a member failed to disclose his or her interest in a relevant matter (within the meaning of this Division); or ( b ) the public body failed to give notice under this section.


document_id: psga-2018
provision_ref: s28
chapter: PART 4 - GOVERNANCE
section: 28
title: Application to committees of public bodies
content:
28. —(1) This section applies where a public body is permitted by its constitutional Act to appoint committees from among its members or other individuals — ( a ) to advise the public body on any matters relating to the public body’s functions that are referred to the committee by the public body; or ( b ) to perform or exercise any of the public body’s functions that are delegated to the committee. (2) An individual may not be appointed as a member of such a committee of a public body unless, before appointment, he or she discloses to the public body the details of any interest the individual has at that time, or is likely to have, in matters relating to the committee if he or she were a member of that committee. (3) Sections 23 to 27 apply to such a committee and the committee’s members subject to the following modifications: ( a ) the reference in those sections to a relevant matter is a reference to a relevant matter (within the meaning of section 23) regulated or managed by the committee; ( b ) the reference in those sections to a member of the public body is a reference to a committee member; ( c ) the reference in section 25 to disclosing details of an interest in a relevant matter to the responsible Minister for the public body is a reference to disclosing those details to the public body; ( d ) the reference in section 26 to a discussion, decision, activity or meeting of the public body is a reference to a discussion, decision, activity or meeting of the committee; ( e ) the reference in section 27 to the public body reporting to the responsible Minister is a reference to the committee reporting to the public body. Division 2 &#x2014; Decision-making by public bodies


document_id: psga-2018
provision_ref: s29
chapter: PART 4 - GOVERNANCE
section: 29
title: Procedure generally
content:
29. The members of a public body must regulate their own procedure in accordance with — ( a ) this Act; and ( b ) any other specific requirements prescribed by any other Act not inconsistent with this Act.


document_id: psga-2018
provision_ref: s30
chapter: PART 4 - GOVERNANCE
section: 30
title: Method of holding meetings
content:
30. —(1) A meeting of the public body may be held — ( a ) by a quorum of the members, being assembled together at the time and place appointed for the meeting; or ( b ) by means of audio, audio and visual, or electronic communication, provided that — (i) the public body resolves that the meeting, or that all its meetings, may be held by such means; (ii) all of the members who wish to participate at the meeting have access to the technology needed to participate in the meeting; and (iii) a quorum of members can simultaneously communicate with each other throughout the meeting. (2) For the purposes of this Part, a member of a public body participating in a meeting as permitted under subsection (1)( b )(i) is taken to be present at the meeting of the public body.


document_id: psga-2018
provision_ref: s31
chapter: PART 4 - GOVERNANCE
section: 31
title: Decision-making without meeting
content:
31. —(1) If — ( a ) a public body resolves that this section applies to any particular matter or all its matters; ( b ) all of the members of the public body for the time being are sent (whether by post, delivery or electronic communication) a document setting out a resolution about the matter or matters; and ( c ) a majority of those members who are entitled to vote on the matter sign or approve in writing a document containing a statement that they are in favour of a resolution in the terms set out in the document, a resolution in those terms is taken to be passed at a meeting of the public body as if it were held on the day that the last member required for the majority signs or approves the document. (2) The resolution may consist of several documents each containing the same wording of the resolution and statement in favour, and each signed in writing by one or more members of a public body. (3) For the purpose of the approval of a resolution under this section, the chairperson and each member of the public body have the same voting rights as they have as prescribed in or under its constitutional Act at a meeting of the public body. (4) A resolution approved under this section must be recorded in the minutes of the meetings of the public body after the resolution is approved.


document_id: psga-2018
provision_ref: s32
chapter: PART 4 - GOVERNANCE
section: 32
title: Delegation of functions
content:
32. —(1) Where a public body is permitted by its constitutional Act or other written law to delegate the performance of any of the public body’s functions (whether under this Act or other written law), unless in such Act it is otherwise expressly provided, the power to delegate does not extend to that power to delegate. (2) A delegation of functions of a public body under this section — ( a ) does not affect or prevent the performance of any function by the public body; and ( b ) is not affected by any change in the membership of the public body or of any committee, or by any change in the chief executive or employee of the public body.


document_id: psga-2018
provision_ref: s33
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 33
title: Application of this Part
content:
33. —(1) This Part applies to and in relation to — ( a ) every Group 1 public body to the extent provided in this Part; ( b ) every Group 2 public body; and ( c ) every Group 3B public body. (2) To avoid doubt, this Part does not affect — ( a ) any power of the President under the Constitution in relation to any annual estimates or supplementary estimates of a Group 1 public body which is specified in the Fifth Schedule to the Constitution; ( b ) any power of the responsible Minister for a public body under the constitutional Act of the public body to approve any annual estimates or supplementary estimates of a public body or any part of those estimates; or ( c ) any specific requirement in or under a constitutional Act of a public body that delimits the time by, or form in, which — (i) the annual estimates or supplementary estimates of the public body must be prepared or given to a responsible Minister of the public body; (ii) the annual financial statements must be prepared for audit; or (iii) the audited financial statements must be sent to the responsible Minister.


document_id: psga-2018
provision_ref: s34
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 34
title: Annual estimates
content:
34. —(1) A public body or its governing body must, in every financial year of the public body, prepare or cause to be prepared, and must adopt a statement containing annual estimates of its revenue and expenditure for the following financial year. (2) A copy of the statement of annual estimates mentioned in subsection (1) must, upon their adoption by the public body or its governing body (as the case may be), be sent as soon as possible to the responsible Minister for the public body.


document_id: psga-2018
provision_ref: s35
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 35
title: Supplementary estimates
content:
35. —(1) A public body or its governing body may, during its financial year, prepare or cause to be prepared, and may adopt, a statement containing supplementary estimates of its revenue and expenditure for that financial year. (2) A copy of the statement of supplementary estimates mentioned in subsection (1) must, upon their adoption by the public body or its governing body (as the case may be), be sent as soon as possible to the responsible Minister for the public body.


document_id: psga-2018
provision_ref: s36
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 36
title: Financial accounts and records
content:
36. A public body must — ( a ) keep proper accounts and records of its transactions and affairs and in accordance with the requirements of written law; and ( b ) do all things necessary to ensure that — (i) all payments out of its moneys are correctly made and properly authorised; and (ii) adequate control is maintained over the property and assets of, or in the custody of, the public body and over the expenditure incurred by the public body.


document_id: psga-2018
provision_ref: s37
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 37
title: Auditor of public body
content:
37. —(1) The accounts of a public body must be audited by — ( a ) the Auditor-General; or ( b ) another auditor appointed annually by the responsible Minister for the public body in consultation with the Auditor‑General. (2) A person is not qualified for appointment as an auditor under subsection (1)( b ) unless the person is a public accountant who is registered or deemed to be registered under the Accountants Act 2004. (3) The remuneration of the auditor of a public body appointed under subsection (1) must be paid out of the funds of the public body unless otherwise provided in the constitutional Act of the public body. (4) This section does not apply to or in relation to a Group 1B public body.


document_id: psga-2018
provision_ref: s38
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 38
title: Powers of auditor
content:
38. —(1) A public body must, as soon as practicable after the close of each financial year but not later than the time (if any) delimited in its constitutional Act, prepare and submit the financial statements in respect of that year to the auditor of the public body, who must audit and report on them. (2) For the purpose of auditing and reporting on the financial statements submitted under subsection (1), the auditor of the public body, or a person authorised by the auditor for that purpose (called in this section an authorised person), is entitled at all reasonable times — ( a ) to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the public body; ( b ) to make copies of or take extracts from any of those accounting and other records; and ( c ) to require any person to furnish the auditor or authorised person with any information in the possession of that person, or to which that person has access, that the auditor or authorised person considers necessary for the purposes of the auditor’s functions under this Act. (3) A person — ( a ) who, without any reasonable cause, fails to comply with any requirement of the auditor of the public body or an authorised person under subsection (2); or ( b ) who otherwise hinders, obstructs or delays the auditor or the authorised person in the performance of his or her functions or the exercise of his or her powers, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000. (4) This section does not apply to or in relation to a Group 1B public body.


document_id: psga-2018
provision_ref: s39
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 39
title: Auditor’s report
content:
39. —(1) The report of the auditor of a public body about the financial statements submitted under section 38(1) must state — ( a ) whether the financial statements show fairly the financial transactions and the state of affairs of the public body; ( b ) whether proper accounting and other records have been kept, including records of all assets of the public body whether purchased, donated or otherwise; ( c ) whether the receipts, expenditure, investment of moneys, and the acquisition and disposal of assets, by the public body during the financial year have been in accordance with this Act, the constitutional Act of the public body and the requirements of any other written law applicable to moneys of or managed by the public body; and ( d ) any other matters arising from the audit that the auditor considers should be reported. (2) The auditor of a public body must, as soon as practicable after the accounts have been submitted to the auditor for audit, send a report of the audit to the public body. (3) The auditor of a public body may at any other time report to the responsible Minister for the public body through the public body upon any matter arising out of the performance of an audit under this Act. (4) This section does not apply to or in relation to a Group 1B public body.


document_id: psga-2018
provision_ref: s40
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 40
title: Audited annual financial statements
content:
40. —(1) A public body must, as soon as its accounts and financial statements have been audited in accordance with the provisions of this Act, send to the responsible Minister for the public body a copy of the audited financial statements, signed by the chairperson of the public body, together with a copy of the auditor’s report under section 39(1). (2) Where the auditor of a public body is not the Auditor‑General, the auditor must forward a copy of the audited financial statements and any report made by the auditor under section 39(1) to the Auditor‑General at the same time they are submitted to the public body. (3) The responsible Minister for a public body must, as soon as practicable, cause a copy of the audited financial statements and of the auditor’s report mentioned in subsection (1) to be presented to Parliament. (4) This section does not apply to or in relation to a Group 1B public body.


document_id: psga-2018
provision_ref: s41
chapter: PART 5 - FINANCIAL ADMINISTRATION
section: 41
title: Annual and other reports of public body
content:
41. —(1) A public body must, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to its responsible Minister a report dealing generally with the activities of the public body during the preceding financial year and containing such information relating to the proceedings and policy of the public body as the responsible Minister may, from time to time, direct. (2) The responsible Minister for a public body must, as soon as practicable, cause to be presented to Parliament a copy of every report under subsection (1) received from the public body. (3) Subsection (2) does not apply to or in relation to a Group 1B public body.


document_id: psga-2018
provision_ref: s42
chapter: PART 6 - GENERAL PROVISIONS
section: 42
title: Amendment of Schedules
content:
42. —(1) The Minister may, by order in the Gazette , add, delete or replace any public body in any of the Schedules. (2) However, nothing in subsection (1) authorises adding the Monetary Authority of Singapore to any of the Schedules.


document_id: psga-2018
provision_ref: s43
chapter: PART 6 - GENERAL PROVISIONS
section: 43
title: Regulations
content:
43. —(1) The Minister may make regulations for the purposes of this Act. (2) Regulations under subsection (1) may, in particular — ( a ) prescribe the procedure for a public body to obtain the concurrence of the Public Service Commission for any appointment or promotion of, or a disciplinary penalty to be imposed on, a chief executive of a public body; ( b ) make different provisions for different public bodies or different purposes; and ( c ) prescribe anything required or allowed to be prescribed for the purposes of this Act.


document_id: psga-2018
provision_ref: s44
chapter: PART 6 - GENERAL PROVISIONS
section: 44
title: Presentation to Parliament
content:
44. All subsidiary legislation made under this Act must be presented to Parliament as soon as possible after publication in the Gazette .


document_id: psga-2018
provision_ref: s45
chapter: PART 7 - FINAL PROVISIONS
section: 45
title: Saving and transitional provisions
content:
45. —(1) Any direction made or given before 1 April 2018 by a responsible Minister to a public body under the constitutional Act of the public body, or other written law administered by the public body, continues in force and is to be treated, on or after that date, as if made or given under section 5. (2) Section 15 does not apply to any individual who — ( a ) is appointed as the chief executive of a public body before 1 April 2018; and ( b ) is holding that office immediately before that date. (3) Sections 16 and 18 apply to an individual who, on 1 April 2018, holds the office of chief executive of a public body to which that section applies. (4) Section 17 does not apply to any disciplinary penalty imposed as a result of — ( a ) any disciplinary proceedings started by a public body before 1 April 2018; or ( b ) any disciplinary proceedings by a public body for misconduct carried out before that date even if disciplinary proceedings start on or after that date. (5) Part 4 does not affect — ( a ) any meeting of a public body, notice of which was given before 1 April 2018 and not held or is adjourned immediately before that date, and that meeting may be continued, and everything in relation to that meeting may be done, in all respects after that date as if this Act had not been enacted; and ( b ) the continued operation or validity of any order or decision of any public body made before 1 April 2018, and that order or decision is to be treated as being made under the corresponding provisions of this Act. (6) Every individual who is a chief executive (regardless of designation) of a public body, or an officer or employee of a public body, immediately before 1 April 2018, continues to hold office as such as if appointed under the constitutional Act of the public body as amended by this Act. [112


document_id: psia-2007
provision_ref: s2
chapter: PART 1 - PRELIMINARY
section: 2
title: General interpretation
content:
2. In this Act, unless the context otherwise requires — “approved” means approved by the licensing officer; “authorised point of departure” and “authorised point of entry” have the meanings given by section 2 of the Immigration Act 1959; “bouncer” means a person who, in respect of any place of entertainment or other similar premises, and as part of his or her regular duties, performs for reward any function of — ( a ) screening individuals seeking entry; ( b ) controlling or monitoring the behaviour of individuals; or ( c ) removing individuals for behavioural reasons; “business entity” includes — ( a ) a sole proprietorship or firm registered under the Business Names Registration Act 2014; ( b ) a body corporate incorporated under the Companies Act 1967; and ( c ) a limited liability partnership registered under the Limited Liability Partnerships Act 2005; “employ” does not include subcontract or arrange by contract, franchise or otherwise with another person for the purpose of that other person employing or providing persons; “licence” means any of the following licences granted under this Act: ( a ) a private investigator’s licence; ( b ) a private investigation agency’s licence; ( c ) a security officer’s licence; ( d ) a security agency’s licence; or ( e ) a security service provider’s licence; “licensed” means licensed as a private investigator, private investigation agency, security officer, security agency or security service provider under this Act; “licensee” means the holder of a licence; “licensing officer”, in relation to any provision in this Act, means any licensing officer appointed under section 4(1) for the purposes of that provision, and includes any assistant licensing officer appointed by such a licensing officer under section 4(2) and subject to the licensing officer’s direction and control; “officer”, in relation to a business entity, means — ( a ) a director, partner, member of the board of management, chief executive, manager, secretary or other similar officer of a business entity that is a body corporate; ( b ) a partner of a business entity that is a partnership; or ( c ) a president, secretary, or any member of the committee of management of a business entity that is an unincorporated association (other than a partnership), or any person holding a position analogous to that of president, secretary or member of a committee, and includes a person who can control or substantially influence the conduct of the affairs of the business entity; “political figure” means the President, the Prime Minister, a Minister or a Minister of State; “reward” means reward under any scheme, agreement, understanding, promise, undertaking (whether express or implied) or other arrangement; “screening” means — ( a ) a search of an individual, or of any property in the individual’s possession, by means of an equipment that is designed to carry out the search without touching the individual or the individual’s property, as the case may be; ( b ) a frisk search of an individual conducted by quickly running the hands over the individual’s outer clothing, and an examination of anything worn or carried by the individual that is conveniently and voluntarily removed by the individual; or ( c ) a physical search of any personal property in the individual’s possession, not being clothing worn by the individual; “security equipment” means any equipment specified in the Schedule. [29/2014]


document_id: psia-2007
provision_ref: s3
chapter: PART 1 - PRELIMINARY
section: 3
title: Act not applicable to certain persons
content:
3. This Act does not apply to — ( a ) any member of the Singapore Police Force in the exercise of his or her functions as a police officer; ( b ) any member of the Singapore Armed Forces in the exercise of his or her functions as such member; ( c ) any public officer or employee of the Government in the exercise of his or her functions as such officer or employee; ( d ) any officer or employee of the Auxiliary Police Force created under the Police Force Act 2004 in the exercise of his or her functions as an auxiliary police officer; ( e ) any person appointed under the Air Navigation Act 1966 to investigate into accidents arising out of or in the course of air navigation and occurring in or over Singapore or to Singapore aircraft; and ( f ) any person appointed under the Rapid Transit Systems Act 1995 to investigate into accidents on any part of the railway in Singapore.


document_id: psia-2007
provision_ref: s4
chapter: PART 1 - PRELIMINARY
section: 4
title: Appointment of licensing officers and assistant licensing officers
content:
4. —(1) The Minister may appoint one or more public officers by name or office to be the licensing officer or officers responsible for the administration of this Act, either generally or for any particular provision of this Act. (2) A licensing officer may appoint such number of public officers to be assistant licensing officers as are necessary to assist him or her in carrying out the licensing officer’s functions and duties under this Act. (3) The functions and duties conferred on a licensing officer by this Act may be performed by any assistant licensing officer appointed by the licensing officer under subsection (2) and subject to the direction and control of the licensing officer. (4) The Minister may from time to time give to any licensing officer such directions, not inconsistent with the provisions of this Act, as the Minister may consider necessary for carrying out the provisions of this Act; and the licensing officer must comply with any direction so given.


document_id: psia-2007
provision_ref: s5
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 5
title: Meaning of “private investigator”
content:
5. —(1) Subject to subsection (2), “private investigator” means any individual who, for reward, carries out any of the following functions: ( a ) obtaining and giving information about any person; ( b ) searching for missing persons; ( c ) obtaining and giving information as to the cause and origin of or responsibility for any fire, libel, loss or accident or any damage to real or personal property; ( d ) obtaining and giving information as to the location or recovery of lost or stolen property; or ( e ) obtaining evidence to be used in any civil or criminal proceedings. (2) For the purposes of this Act, a private investigator does not include — ( a ) a person employed by an employer to obtain and give information about another person who is employed by the employer, or whom the employer intends to employ; ( b ) a person employed by a business entity to obtain and give information about the character or nature of business of another business entity for the purpose of any business venture undertaken or to be undertaken by the employer or exclusively for the purposes of market research; and ( c ) a person who carries out any function mentioned in paragraphs ( a ) to ( e ) of subsection (1) — (i) as part of the person’s profession or business as an advocate and solicitor or as part of the person’s occupation as an employee of an advocate and solicitor; (ii) as part of the person’s profession or business as a public accountant or as part of the person’s occupation as an employee of a public accountant; (iii) as part of the person’s business of obtaining or giving information as to the financial rating or standing of another person; or (iv) as part of the person’s business of insurance or as an insurance adjustment agency, or as part of the person’s occupation as an employee of the person carrying on the business of insurance or the insurance adjustment agency. (3) In this section, “market research” includes — ( a ) discovering whether a person is a potential customer for any goods or services or the extent of the person’s satisfaction with goods or services supplied to the person; and ( b ) obtaining information from any person for the purpose of analysing public opinion on any matter (whether or not relating to the market for any goods or services).


document_id: psia-2007
provision_ref: s6
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 6
title: No person to be private investigator without private investigator’s licence
content:
6. —(1) A person must not — ( a ) carry out for reward (whether in the course of business or of employment) any function of a private investigator; or ( b ) advertise, or in any way hold out, that the person carries out or is willing to carry out for reward any function of a private investigator, except under and in accordance with a private investigator’s licence granted under this Act. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s7
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 7
title: No person to supply private investigators’ services without private investigation agency’s licence
content:
7. —(1) A person must not — ( a ) engage in the business of supplying, for reward, the services of private investigators to other persons; or ( b ) advertise, or in any way hold out, that the person supplies for reward, or is willing to supply for reward, the services of private investigators, except under and in accordance with a private investigation agency’s licence granted under this Act. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s8
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 8
title: Employees who are private investigators
content:
8. —(1) A person must not employ another person as a private investigator unless the other person is a licensed private investigator. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (3) A person (whether or not a licensed private investigation agency) who employs, or is about to employ, as a private investigator any licensed private investigator must — ( a ) before employing the licensed private investigator; and ( b ) not later than 14 days after terminating the employment of the licensed private investigator, inform the licensing officer in the prescribed form and manner of the proposed employment or termination of employment, as the case may be. (4) Where an employer or a former employer of a licensed private investigator contravenes subsection (3), the employer or former employer (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s9
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 9
title: Employees who are not private investigators
content:
9. —(1) A licensed private investigation agency must, not later than 14 days after — ( a ) employing any person other than as a private investigator, such as secretarial, clerical or other staff of a similar kind, to assist in the business of the private investigation agency; or ( b ) terminating the employment of any employee referred to in paragraph ( a ), inform the licensing officer in the prescribed form and manner of the employment or termination of employment, as the case may be. (2) If the licensing officer is of the opinion that any person who is employed other than as a private investigator by a licensed private investigation agency is not a fit and proper person to be so employed, the licensing officer may — ( a ) give written notice of his or her opinion to the licensed private investigation agency, stating the name of that person; and ( b ) despite any other law or the provisions of any memorandum or articles of association or other constitution of the licensed private investigation agency, direct the licensed private investigation agency to terminate the employment of the person named in the notice given under paragraph ( a ). (3) Any licensed private investigation agency who contravenes subsection (1) or fails to comply with any direction under subsection (2)( b ) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. (4) In deciding for the purposes of subsection (2) whether an employee is a fit and proper person to be employed other than as a private investigator by a licensed private investigation agency, the licensing officer may consider the following matters as indicating that the employee may not be a fit and proper person: ( a ) that the employee had on a previous occasion applied for a private investigator’s licence or a private investigation agency’s licence, and such application had been refused by the licensing officer; ( b ) that the employee associates with a criminal in a way that indicates involvement in an unlawful activity; ( c ) that in dealings in which the employee has been involved, the employee has shown dishonesty or lack of integrity; or ( d ) that the continued employment of the employee is not in the public interest or may pose a threat to national security.


document_id: psia-2007
provision_ref: s10
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 10
title: Private investigation agency to obtain identification documents from client
content:
10. —(1) A licensed private investigation agency must not accept any engagement to supply to any person the services of licensed private investigators employed by that licensed private investigation agency unless, in relation to each occasion on which the licensed private investigation agency is engaged to provide such services, there is first obtained by the licensed private investigation agency — ( a ) the name and address of the person engaging those services; and ( b ) a copy of the person’s passport, identity card or such other document establishing the person’s identity as the licensing officer may specify in any particular case. (2) A licensed private investigation agency that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s11
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 11
title: Approvals required for certain security assignments
content:
11. —(1) A person (whether or not a licensed private investigation agency) must not — ( a ) accept any engagement to supply the services of a private investigator, or a licensed private investigator employed by the person; or ( b ) deploy any licensed private investigator employed by the person, to carry out any security assignment mentioned in subsection (2) except with the licensing officer’s prior written approval. (2) In this section, “security assignment” means — ( a ) any engagement by a government of any country other than Singapore, or of an agency of such government, for the services of a private investigator; ( b ) any activity which involves the gathering of information on or surveillance of any individual who is — (i) a political figure; (ii) the representative in Singapore of the government of another country or territory other than an honorary representative; (iii) a consul or trade commissioner of another country or territory other than an honorary consul or trade commissioner; (iv) a member of the official staff of a foreign diplomatic mission or foreign consulate in Singapore; or (v) a member of the family of a person covered by sub‑paragraph (i), (ii), (iii) or (iv), where the family member is part of the person’s household; ( c ) any activity which involves the gathering of information on or surveillance of any of the following premises in Singapore or part thereof or any person residing or working therein: (i) any protected area or protected place within the meaning of the Infrastructure Protection Act 2017; (ii) any foreign diplomatic mission or foreign consulate in Singapore; (iii) any building or part of a building that is owned or occupied by or on behalf of the Government; (iv) any authorised point of entry or authorised point of departure within the meaning of the Immigration Act 1959; (v) any private school which does not receive a grant from the Government and provides full-time primary, secondary or pre‑tertiary education or all to pupils most of whom are neither citizens nor permanent residents of Singapore, and includes any hostel, dormitory or other rooms or premises provided for the housing or lodging of some or all of the pupils of that school out of school hours, whether or not the hostels, dormitories or other rooms or premises are in or part of the same building or group of buildings as the classrooms; or (vi) any other premises which are declared by the Minister, by order in the Gazette , to be premises for the purposes of this section; or ( d ) any other activity which the Minister may prescribe being an activity which is not in the public interest or may pose a threat to national security if carried out by any licensed private investigator or licensed private investigation agency. [41/2017] (3) A licensed private investigator must not perform any security assignment where he or she knows or ought reasonably to know that no prior approval as required by subsection (1) has been obtained from the licensing officer to do so. (4) A person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (5) It is a defence if a person charged with an offence of contravening subsection (1) in relation to a security assignment concerning any individual mentioned in subsection (2)( b ), proves that the person did not know, and could not reasonably be expected to have known, that the individual is an individual mentioned in subsection (2)( b ). (6) An application for approval under subsection (1) must — ( a ) be made to the licensing officer in such form or manner as the licensing officer may require; and ( b ) be accompanied by — (i) such particulars, information and documents as the licensing officer may require; and (ii) the prescribed fee, if any. (7) At the licensing officer’s request, the applicant must provide any further information or evidence as the licensing officer may require to decide the application. (8) Upon receipt of an application for approval under subsection (1), the licensing officer may — ( a ) grant the approval, with or without conditions; or ( b ) refuse approval. (9) A person who has obtained an approval from the licensing officer must immediately inform the licensing officer of any change in any information supplied to the licensing officer for the purpose of obtaining the approval. (10) The licensing officer may extend any validity period specified in an approval upon an application by the person to whom the approval is granted. (11) The licensing officer may, at any time, revoke any approval that has been granted under subsection (1) in respect of a security assignment that is specified in the approval, if the licensing officer — ( a ) is of the view that due to any change in the circumstances after granting the approval, the continued provision of the services of a private investigator in connection with that security assignment is not in the public interest or may pose a threat to national security; or ( b ) is satisfied that any condition imposed by the licensing officer in granting that approval has not been complied with. (12) If the licensing officer revokes any approval that has been granted in respect of a security assignment, and the person to whom the approval had been granted continues — ( a ) to supply the services of a private investigator, or a licensed private investigator employed by the person; or ( b ) to deploy any licensed private investigator employed by the person, to carry out that security assignment, that person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s12
chapter: PART 2 - PRIVATE INVESTIGATORS AND PRIVATE
section: 12
title: Duty to keep records
content:
12. —(1) A licensed private investigation agency must — ( a ) in relation to each occasion on which the licensed private investigation agency is engaged to provide the services of licensed private investigators the licensed private investigation agency employs, keep a record of the following information: (i) the name and address of the person engaging those services; (ii) the date on which the services are provided; (iii) details of the services provided; and (iv) such other particulars as may be prescribed; and ( b ) retain every such record for a period of at least 5 years from the date of the occasion to which the record relates. (2) Every employer of a licensed private investigator who is not a licensed private investigation agency must — ( a ) retain a record of every assignment handled by the private investigator while in his or her employment, which includes — (i) the name and particulars of any person investigated; (ii) all actions taken by the private investigator on each assignment; and (iii) such other particulars as may be prescribed; and ( b ) keep such records for a period of at least 5 years from the date of commencement of the assignment to which the record relates. (3) Every person required under this section to keep records must furnish to the licensing officer such records at such time and in such format and through such medium (whether electronic or otherwise) as the licensing officer may require. (4) A person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. (5) If a person who is required under this section to keep or submit records — ( a ) makes a record that — (i) is false or misleading; or (ii) omits any matter or thing without which the record is misleading; ( b ) knows that the record is as described in paragraph ( a ); and ( c ) furnishes the record to the licensing officer following a requirement made under subsection (3), the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. (6) Subsection (5) does not apply — ( a ) if the record is not false or misleading in a material particular; or ( b ) if the record did not omit any matter or thing without which the record is misleading in a material particular.


document_id: psia-2007
provision_ref: s13
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 13
title: Meaning of “security officer”
content:
13. In this Act, “security officer” means any individual who, for reward, carries out any of the following functions: ( a ) patrolling or guarding another person’s property (including cash in transit) by physical means (which may involve the use of patrol dogs) or by electronic means; ( b ) keeping the property (including cash in transit) of another person under surveillance, including for the purpose of preventing theft thereof; ( c ) acting as a bodyguard or bouncer; ( d ) in respect of any public place or other premises and as part of his or her regular duties, performing any function of screening individuals seeking entry thereto; ( e ) regulating traffic under the Road Traffic Act 1961.


document_id: psia-2007
provision_ref: s14
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 14
title: No person to be security officer without security officer’s licence
content:
14. —(1) A person must not — ( a ) carry out for reward any function of a security officer; or ( b ) advertise, or in any way hold out, that the person carries out or is willing to carry out for reward any function of a security officer, except under and in accordance with a security officer’s licence granted under this Act. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s15
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 15
title: No person to supply security officers’ services without security agency’s licence
content:
15. —(1) A person must not — ( a ) engage in the business of supplying, for reward, the services of security officers to other persons; or ( b ) advertise, or in any way hold out, that the person supplies for reward, or is willing to supply for reward, the services of security officers, except under and in accordance with a security agency’s licence granted under this Act. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s16
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 16
title: Employees who are security officers
content:
16. —(1) A person must not employ another person as a security officer unless the other person is a licensed security officer. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (3) A person (whether or not a licensed security agency) who employs, or is about to employ, as a security officer any person who is a licensed security officer must — ( a ) before employing the licensed security officer; and ( b ) not later than 14 days after terminating the employment of the licensed security officer, inform the licensing officer in the prescribed form and manner of the proposed employment or termination of employment, as the case may be. (4) Where an employer or a former employer of a licensed security officer contravenes subsection (3), the employer or former employer (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: psia-2007
provision_ref: s17
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17
title: Employees who are not security officers
content:
17. —(1) A licensed security agency must, not later than 14 days after — ( a ) employing any person other than as a security officer, such as secretarial, clerical or other staff of a similar kind, to assist in the business of the security agency; or ( b ) terminating the employment of any such employee mentioned in paragraph ( a ), inform the licensing officer in the prescribed form and manner of the employment or termination of employment, as the case may be. (2) If the licensing officer is of the opinion that any person who is employed other than as a security officer by a licensed security agency is not a fit and proper person to be so employed, the licensing officer may — ( a ) give written notice of his or her opinion to the licensed security agency, stating the name of that person; and ( b ) despite any other law or the provisions of any memorandum or articles of association or other constitution of the licensed security agency, direct the licensed security agency to terminate the employment of the person named in the notice given under paragraph ( a ). (3) A licensed security agency that contravenes subsection (1) or fails to comply with any direction under subsection (2)( b ) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. (4) In deciding for the purposes of subsection (2) whether an employee is a fit and proper person to be employed other than as a security officer by a licensed security agency, the licensing officer may consider the following matters as indicating that the employee may not be a fit and proper person: ( a ) that the employee had on a previous occasion applied for a security officer’s licence or a security agency’s licence, and such application had been refused by the licensing officer; ( b ) that the employee associates with a criminal in a way that indicates involvement in an unlawful activity; ( c ) that in dealings in which the employee has been involved, the employee has shown dishonesty or lack of integrity; or ( d ) that the continued employment of the employee is not in the public interest or may pose a threat to national security. Division 2 &#x2014; Protection from assault and harassment


document_id: psia-2007
provision_ref: s17A
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17A
title: Assaulting or using criminal force on security officer
content:
17A. —(1) An individual who assaults or uses criminal force on a person (called in this section the target person) — ( a ) in the execution of the target person’s duty as a security officer; ( b ) with intent to prevent or deter the target person from discharging his or her duty as a security officer; or ( c ) in consequence of anything done or attempted to be done by the target person in the lawful discharge of his or her duty as a security officer, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $7,500 or to imprisonment for a term not exceeding 2 years or to both. (2) In this section, “assault” and “criminal force” are to be construed in accordance with sections 349, 350 and 351 of the Penal Code 1871 * . [Act 29 of 2021 wef 01/05/2022] [*Updated to be consistent with the 2020 Revised Edition]


document_id: psia-2007
provision_ref: s17B
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17B
title: Voluntarily causing hurt to security officer
content:
17B. —(1) An individual who voluntarily causes hurt to a person (called in this section the target person) — ( a ) in the execution of the target person’s duty as a security officer; ( b ) with intent to prevent or deter the target person from discharging his or her duty as a security officer; or ( c ) in consequence of anything done or attempted to be done by the target person in the lawful discharge of his or her duty as a security officer, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 5 years or to both. (2) In this section, “voluntarily causes hurt” is to be construed in accordance with section 321 of the Penal Code 1871 * . [Act 29 of 2021 wef 01/05/2022] [*Updated to be consistent with the 2020 Revised Edition]


document_id: psia-2007
provision_ref: s17C
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17C
title: Intentionally causing harassment, alarm or distress to security officer
content:
17C. —(1) An individual must not by any means — ( a ) use any indecent, threatening, abusive or insulting words or behaviour; or ( b ) make any indecent, threatening, abusive or insulting communication, towards a person (called in this section the target person) in relation to the execution of the target person’s duty as a security officer, with the intent to cause harassment, alarm or distress to the target person and as a result causing the target person harassment, alarm or distress. (2) Subject to section 17D, an individual who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both. (3) In any proceedings for an offence under subsection (2), it is a defence for the accused to prove, on a balance of probabilities, that — ( a ) the accused did not know and had no reason to believe that the words or behaviour used, or the communication made, would be heard, seen or otherwise perceived by the target person; or ( b ) the accused’s conduct was reasonable. (4) However, for the purposes of this section, a target person is not treated as executing a duty as a security officer or acting in the capacity of a security officer if the target person is, at the relevant time, also a public service worker as defined in section 6(5) of the Protection from Harassment Act 2014 * and acting in the capacity of such a public service worker. [Act 29 of 2021 wef 01/05/2022] [*Updated to be consistent with the 2020 Revised Edition]


document_id: psia-2007
provision_ref: s17D
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17D
title: Enhanced penalty for section 17C offence committed subsequently
content:
17D. An individual who has been convicted of any offence under — ( a ) the repealed section 13A, 13B, 13C or 13D of the Miscellaneous Offences (Public Order and Nuisance) Act 1906 * as in force before 15 November 2014 (whether the conviction was before, on or after that date); ( b ) section 3, 4, 5, 6 or 7 of the Protection from Harassment Act 2014 * ; or ( c ) section 17C, shall, on a subsequent conviction for an offence under section 17C, be liable to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. [Act 29 of 2021 wef 01/05/2022] [*Updated to be consistent with the 2020 Revised Edition]


document_id: psia-2007
provision_ref: s17E
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17E
title: Requisite knowledge that target person is acting as security officer
content:
17E. No offence is committed by an individual under section 17A(1), 17B(1) or 17C(2) unless the individual knows or ought reasonably to know that the target person mentioned in section 17A(1), 17B(1) or 17C(1) was at the material time a security officer and acting in that capacity. [Act 29 of 2021 wef 01/05/2022]


document_id: psia-2007
provision_ref: s17F
chapter: PART 3 - SECURITY OFFICERS AND SECURITY AGENCIES
section: 17F
content:
17F. —(1) A reference in sections 12(1), (2), (2A) and (2B)( b ), 13(1)( a )(i) and (ii) and (1A) and 13A(1)( a ) and (3)( a ) of the Protection from Harassment Act 2014 * to a contravention or an alleged contravention, or an offence, under section 3, 4, 5, 6 or 7 of that Act includes a contravention or an alleged contravention, or an offence, under section 17C(2), as the case may be. [*Updated to be consistent with the 2020 Revised Edition] (2) The following provisions of the Protection from Harassment Act 2014 * apply with the necessary modifications because of subsection (1): ( a ) section 10; ( b ) Division 1 of Part 3 (except section 11); ( c ) sections 16C, 16CB and 16D; ( d ) Part 3A; ( e ) sections 19, 20 and 21; ( f ) the Schedule as it applies in relation to sections 12(2A)( a ) and 13(1A)( a ). [*Updated to be consistent with the 2020 Revised Edition] (3) Any word or expression used in, or relevant for the purpose of interpreting, section 17C, 17D, 17E or this section and that is defined in section 2(1) of the Protection from Harassment Act 2014 * has the meaning given to it by section 2(1) of that Act. [Act 29 of 2021 wef 01/05/2022] [*Updated to be consistent with the 2020 Revised Edition]


document_id: psia-2007
provision_ref: s18
chapter: PART 4 - SECURITY SERVICE PROVIDERS AND FALSE ALARMS
section: 18
title: Meaning of providing security service
content:
18. —(1) For the purposes of this Act, a person is said to provide a security service if the person carries on any one or more of the following activities: ( a ) installing, maintaining, repairing or servicing, by physical or electronic means — (i) any security equipment in any premises or any vehicle, vessel, aircraft or other means of conveyance; or (ii) any mechanical, electronic, acoustic or other equipment that the person installing, maintaining, repairing or servicing the equipment purports to be equipment that is designed or adapted to provide or enhance security or for the protection or watching of any property; ( b ) designing, selling, importing or exporting — (i) any security equipment (other than basic household or automotive security items at approved classes of retail outlets or intruder alarm systems); or (ii) any mechanical, electronic, acoustic or other equipment that the person installing, maintaining, repairing or servicing the equipment purports to be equipment that is designed or adapted to provide or enhance security or for the protection or watching of any property; ( c ) providing product advice in relation to security equipment, other than basic household or automotive security items at approved classes of retail outlets; [Act 29 of 2021 wef 01/05/2022] ( d ) [ Deleted by Act 29 of 2021 wef 01/05/2022 ] ( e ) [ Deleted by Act 29 of 2021 wef 01/05/2022 ] ( f ) selling any intelligent banknote neutralisation system; ( g ) employing an intelligent banknote neutralisation system in carrying out cash‑in‑transit services; ( h ) providing alarm surveillance services, or other surveillance, tracking or monitoring services using security equipment; ( i ) providing training or instruction in relation to any activity mentioned in paragraphs ( a ) to ( h ), including assessing another person’s training, instruction or competencies in relation to any such activity; ( j ) providing persons to carry on any activity mentioned in paragraphs ( a ) to ( i ); ( k ) any other activity, or class of activities, that is connected with security or the protection of persons or property, whether by physical or electronic means, and that is declared by the Minister by notification in the Gazette to be a security service for the purposes of this section. [6/2019] (2) Despite subsection (1), a person does not provide a security service only because the person sells self-install security systems, that is, a security system designed so that it can be installed by an ordinary consumer. (3) In this section, “intelligent banknote neutralisation system” means a security system which is designed to deter unauthorised access to currency notes by mutilating, destroying or permanently damaging the currency notes, such as by the application of a staining or degradation agent to the currency notes or otherwise. [6/2019]


