—(1) The Authority may, by notice in writing, issue to a licensee directions, either of a general or specific nature, for or in respect of every purpose which the Authority considers necessary for carrying out the provisions of this Act.
(2) Without prejudice to the generality of subsection (1), the Authority may by such directions —
require a licensee to display or exhibit such cautionary statements as the Authority thinks fit in a conspicuous place at every place where he or it carries on money-changing business or remittance business, as the case may be;
require a licensee to provide cautionary statements in writing to the licensee’s customers; or
where a licensee conducts inward remittance business, set out the manner in which the licensee must conduct his or its dealings with his or its customers and the procedures for reporting to the Authority of transactions between the licensee and his or its customers in respect of the licensee’s inward remittance business.
(3) Any licensee who fails to comply with any requirement specified in a written direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 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 $2,500 for every day or part thereof during which the offence continues after conviction.
(4) In this section, “inward remittance business” means the business of accepting moneys from persons in another country or a territory outside Singapore for the purpose of transmitting such moneys to persons resident in Singapore.