A man and two women, aged between 34 and 52 years old, will be charged in court on 10 February 2022 for their suspected involvement in providing unlicensed cross-border inward money transfer payment services.
Investigations revealed that from January to March 2021, the trio had allegedly provided cross-border inward money transfer payment services involving cash amounting more than S$2,440,000 from abroad. They did not possess any licence issued by the Monetary Authority of Singapore to provide payment services. All three persons will be charged with two counts under Section 5(3)(a) of the Payment Services Act 2019 each. If convicted, the accused persons can be fined up to $125,000, or jailed for up to three years, or both.
The Police would like to advise members of the public to engage banks or licensed cross-border money transfer agents instead of unlicensed payment service entities to avoid the risks of losing their money. The Police will not hesitate to take action against any individuals or entities involved in conducting unlicensed cross-border money transfer services, as they pose the risk of being conduits for money laundering and terrorist financing.
SINGAPORE POLICE FORCE
09 February 2022 @ 8:55 PM