The Police is investigating a 36-year-old man for offences under the Payment Services Act 2019 and the Employment of Foreign Manpower Act 1990.
The man is alleged to have carried on a business of providing cross-border money transfer services without a valid licence issued by the Monetary Authority of Singapore.
6 Hour Joint Operation
In October 2022, officers from the Commercial Affairs Department and Jurong Police Division conducted a six-hour joint operation at Sungei Tengah Lodge, located along Old Choa Chu Kang Road. During the operation, a man, who is a work pass holder, was found to have allegedly provided unlicensed cross-border money transfer services. Cash, remittance transaction records and a handphone were seized.
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.
Under Section 10(1) of the Employment of Foreign Manpower Act 1990, foreigners working in Singapore must possess a valid work pass and can only work in the occupation stated in the work pass. Those convicted will face a maximum fine of $20,000 or imprisonment of up to two years, or both. Errant individuals may also be barred from working in Singapore.