SINGAPORE – Soon after it was announced that $1,000 notes would no longer be issued, a money changer wanted to make a profit by getting hold of the notes and selling them to collectors at a higher price.

Ahamed Sahib Ziaudeen Abdul Rahman, 47, offered a staff member at a Maybank branch $2 to $3 commission for each $1,000 note he could get for him. The matter was referred to the Corrupt Practices Investigation Bureau (CPIB).

On Wednesday, Ahamed Sahib was fined $3,500 after he pleaded guilty to one count of corruption.

He was the sole proprietor of $&C Xchange Centre, which was set up in 2018, and worked in the currency exchange shop on the first floor of People’s Park Centre.

On Nov 3, 2020, the Monetary Authority of Singapore announced that it would discontinue the issuing of $1,000 notes to mitigate the risks of money laundering and terrorism financing.

Deputy Public Prosecutor Andrew Chia said that after Ahamed Sahib learnt of this, he went to the Maybank branch at People’s Park Centre that he frequented to exchange banknotes for his business. He was told by the staff that the bank had stopped exchange services for $1,000 banknotes.

He then approached fellow money changers for these notes. He would offer them around $2 in commission for each note and would mark up his own profit margin by $5 to $10 for the sale of each note to customers.

On Dec 19, 2020, Ahamed Sahib bumped into Mr Poh Leong Hui, an assistant service manager of the Maybank branch at People’s Park Centre.

He asked Mr Poh if he could help him secure 10 to 15 of the $1,000 notes, offering him $2 to $3 for each note.

Mr Poh reported Ahamed Sahib to Maybank’s compliance unit, and the matter was referred to CPIB for investigation.

The DPP urged the court to fine Ahamed Sahib at least $5,000, saying he was motivated by financial gain to commit the offence and there was some planning behind it.

However, he noted the amount of gratification offered – $20 to $30 in total – and said that while it was not insubstantial, it was minimal and that no gratification exchanged hands as Mr Poh did not comply with the request.

For corruption, Ahamed Sahib could have been fined up to $100,000, jailed for up to five years or both.,