A remittance company in Singapore was charged in court on 25 October 2022 for allegedly failing to file a Suspicious Transaction Report (STR) under Section 39(2) of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act, Chapter 65A (“CDSA”).
Between 26 February 2021 and 30 March 2021, the remittance company provided remittance services to a 53-year-old woman on three occasions, to remit a total sum of $26,658.70 overseas.
Investigations revealed that the remittance company allegedly failed to disclose this to a Suspicious Transaction Reporting Officer as soon as it was reasonably practicable, and that there were reasonable grounds to suspect that the sum of $26,658.70 remitted on behalf of the 53-year-old woman, represented the proceeds of acquiring another person’s benefits of criminal conduct. The 53-year-old woman was also charged for a money laundering offence under Section 47AA of the CDSA.
The offence of failing to file a STR under Section 39(2) of the CDSA for individuals, carries a fine not exceeding $250,000, to an imprisonment term not exceeding three years; and if the person is not an individual, a fine not exceeding $500,000.
The suspicious transaction reporting regime is a key pillar of Singapore’s anti-money laundering and counter financing of terrorism regime. The Singapore authorities take a serious view towards filing of such reports, and strongly urge reporting entities to continue their vigilance in detecting and reporting suspicious transactions. The Police will not hesitate to take firm action against any person who breaches the law.
SINGAPORE POLICE FORCE
25 October 2022 @ 1:30 PM