A 25-year-old man will be charged in court on 19 August 2022 for his suspected involvement in providing an unlicensed cross-border money transfer service.
Investigations revealed that sometime in May 2020, the man had allegedly aided a co-accused to provide a payment service without a valid licence, by recruiting a third party to provide a bank account for the receipt of cross-border money transfers amounting to about $94,640.
The co-accused was charged in court on 2 November 2021 with a similar offence.
Under Section 5 of the Payment Services Act 2019, anyone found guilty of carrying on a business of providing any type of payment service in Singapore without a license, unless he is exempted under the Act, is liable to be punished with imprisonment of up to three years, fined up to $125,000, or both.
The Police take a serious view of these offences and will not hesitate to take action against any individuals or entities involved in conducting unlicensed cross-order money transfer services, as they pose the risk of being conduits for money laundering and terrorist financing.