The Police have disrupted the activities of two unlicensed payment service providers operating along Veerasamy Road and Upper Dickson Road.
Between 5 and 11 May 2023, officers from the Commercial Affairs Department raided two offices suspected to be providing payment services without licence in Singapore. During the raids, seven men, aged between 26 and 64, were rounded up to assist in investigation into their suspected involvement in providing a cross-border money transfer service without a valid licence issued by the Monetary Authority of Singapore. More than $1 million, eight mobile phones, three currency counting machines and remittance transaction records were seized as case exhibits.
Investigations are ongoing.
Under Section 5 of the Payment Services Act 2019, it is an offence for anyone to carry on a business of providing any type of payment services (including cross-border money transfer services) in Singapore without a license unless he is exempted under the Act. The offence carries an imprisonment term of up to three years, a fine of up to $125,000, or both. In the case of a continuing offence, to a fine of up to $12,500 for every day during which the offence continues after conviction.
The Police would like to advise members of the public to only use payment service providers licensed by the Monetary Authority of Singapore. Unlicensed payment service operators are not regulated and not subjected to strict anti-money laundering and counter financing of terrorism measures. The Police will not hesitate to take action against any individual or entity involved in providing any cross-border money transfer services, as they pose the risk of being conduits for money laundering and terrorist financing.
Annex A
Case exhibits seized ▼
SINGAPORE POLICE FORCE
17 May 2023 @ 8:10 PM