Enforcement Actions against Unlicensed Remittance Operators
Singapore, 22 September 2015… Two women and one man, aged between 48 to 59, will be charged in Court for their suspected involvement in carrying on remittance businesses without a valid remittance licence issued by the Monetary Authority of Singapore (MAS).
They are suspected of operating unlicensed remittance businesses by transferring money from customers to overseas recipients for a fee.
All three suspects have been summoned to attend Court on 23 September 2015, 10 am at Court 23. Each of them will face a charge of carrying on a remittance business without a remittance licence under Sec 6(1) of the Money-changing and Remittance Businesses Act, Chapter 187. If convicted, each of them is liable to a fine not exceeding $100,000 or a maximum jail term of two years or to both.
Mr David Chew, Director, Commercial Affairs Department (CAD), said, “CAD will not hesitate to take swift action against any individual or entity involved in unlicensed remittance businesses. Such activities also pose a risk to members of the public who engage their services. We would like to encourage members of the public to report unlicensed money-changing or remittance businesses to the Police or MAS.”
Mr Chua Kim Leng, Assistant Managing Director, Banking and Insurance Group, MAS, said, “MAS takes a serious view of anyone who carries on a remittance business without a valid licence. Such unlicensed operators conduct their businesses without any regulatory oversight and are at risk of being used as conduits for money laundering activities. Members of the public who wish to remit money to another country should do so through a licensed bank or licensed remittance agent.”