38. Certificate of closure

A person who has ceased to carry on remittance business arising from the expiry, non-renewal, revocation or surrender of its licence under this Act shall submit a certificate of closure, issued by an auditor, to the Bank within sixty days after the cessation of business.

The auditor referred to in subsection (1) may be an auditor appointed under subsection 31(1) or any other auditor appointed by a licensee who fulfils the requirements as the Bank may prescribe under that subsection.

The certificate of closure issued by the auditor under subsection (1) shall confirm that a person who has ceased to carry on remittance business under subsection (1) has successfully remitted all funds received from customers prior to the cessation of business of a licensee to the intended beneficiaries and that contingency arrangements or measures have been taken to ensure that where the funds have not been successfully delivered, the funds have been refunded to the customers.

Any person who contravenes subsection (1) commits an offence.