Eligibility Criterion for Money Changer License in Singapore

To obtain a money changer license in Singapore, applicants must meet several key eligibility criteria set by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. First and foremost, the applicant must be a legal entity registered with the Accounting and Corporate Regulatory Authority (ACRA), which can include sole proprietorships, partnerships, or incorporated companies, though incorporation is generally preferred. MAS also requires that all owners, directors, and key personnel meet its “fit and proper” criteria—this involves having a clean criminal and financial record, as well as relevant experience or qualifications.

Additionally, applicants must have a secured and suitable physical business location approved for money-changing operations. Another crucial requirement is the establishment of a robust compliance framework to address anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations. This includes proper procedures for record-keeping, transaction monitoring, and staff training.

Financially, the business must demonstrate sufficient capital and resources to operate and maintain compliance. Meeting these conditions is essential not only for obtaining the license but also for maintaining it, as MAS conducts regular reviews and audits to ensure ongoing regulatory compliance.