Are there any licensing requirements or specific rules and regulations that govern the operation of an online escrow service in Singapore?
There are no specific laws or statutory regulations in Singapore governing or regulating escrow activities on the Internet, at present. As each company with intention to engage in escrow service provision is likely to adopt its own unique business model, the company should therefore ensure they comply with all applicable laws and regulations. Q: What are some of the laws and regulations that a potential online escrow provider should be aware of? As the provision of escrow services involves the withholding in trust and transfer of monies from buyers to sellers, companies intending to provide such escrow services are therefore advised to seek professional legal advice on all relevant and related provisions, such as the Singapore Banking Act, Trust Companies Act, Guidelines on Prevention of Money Laundering, etc.
Related Questions
- Are there any licensing requirements or specific rules and regulations that govern the operation of an online escrow service in Singapore?
- What statutes govern the general rules for service of process on commercial foreclosures?
- Are there any particular rules or regulations that govern online fundraising?
