Six operators at Peninsula Plaza are being investigated after allegedly providing unlicensed money lending services.
On the 28th of June, the Commercial Affairs Department (CAD), Criminal Investigation Department (CID) and the Ministry of Manpower (MOM) conducted a joint operation at Peninsula Plaza where authorities seized more than $460,000 in cash, computers and other related paraphernalie related to cross border money transfer.
Under the Payment Services Act (unless there is an exemption) by the Monetary Authority of SIngapore (MAS), it is an offence for anyone to carry out a business providing payment services in Singapore without a valid license issued by the MAS.
The police issued a statement:
“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.”
Those who are convicted of violating the Act can be fined up to $125,000, jailed for up to three years, or both.