—(1) Every licensee who carries on remittance business shall maintain a current or deposit account in the name of the licensee at a bank with the words “customers’ account” added to the title of the account.
(2) A licensee carrying on remittance business shall pay all moneys received from its customers for remittance purposes directly into the account referred to in subsection (1) no later than the next business day following the day on which the moneys were received by it.
(3) No money shall be withdrawn from a customers’ account except —
money that has been paid into the account by the licensee for the purposes of opening or maintaining the account;
money properly required for a payment to or on behalf of a customer; and
money properly required for payment of the licensee’s fees or charges for rendering services to a customer and the customer has been notified that any money held for him will be applied towards or in satisfaction of such fees and charges.
(4) No money other than money which a licensee has paid into a customers’ account for the purposes of opening the account and money required by subsection (2) to be paid into a customers’ account of a licensee shall be paid into such an account.
(5) It shall be the duty of a licensee into whose customers’ account any money has been paid in contravention of subsection (4) to withdraw the money wrongly paid into the account without delay upon discovery of the mistake.
(6) The moneys in a customers’ account maintained by a licensee at a bank shall not be liable to be attached, sequestered or levied upon for or in respect of any debt of the licensee or any claim whatsoever against the licensee, and if the licensee is declared insolvent or is wound up by an order of court, the moneys in the customers’ account shall be deemed not to form part of the property of the licensee.
(7) Any licensee who contravenes any of the provisions of this section 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.