18 February 2025, 05:37 PM
Applying for a Money Changer License in Singapore involves a structured process regulated by the Monetary Authority of Singapore (MAS). The first step is to ensure your business meets the eligibility criteria, including having a registered company in Singapore, a physical office, and robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures. Next, prepare the required documents, such as the company’s business profile, a detailed business plan, fit-and-proper declarations for directors and shareholders, AML/CFT policies, and proof of office space. Once the documents are ready, submit the Money Changer License application form to MAS along with the non-refundable application fee. MAS will then review the application, assessing factors like the company’s financial soundness, the integrity of its key personnel, and the adequacy of its AML/CFT framework. During this period, MAS may request additional information or clarification, so timely responses are crucial. If the application meets all requirements, MAS will issue the license, subject to conditions such as maintaining a minimum base capital and adhering to ongoing regulatory obligations. After obtaining the license, the company must comply with MAS’s reporting, auditing, and policy update requirements to ensure continued compliance. The procedure for applying for the Money Changer License in Singapore demands careful preparation and adherence to regulatory standards, ensuring smooth operations and upholding the integrity of Singapore’s financial system.