Police investigating 6 businesses for allegedly providing unlicensed money transfer services

Part of the items seized during the joint operation at Peninsula Plaza, on June 28, 2020.
Part of the items seized during the joint operation at Peninsula Plaza, on June 28, 2020.PHOTO: SINGAPORE POLICE FORCE

SINGAPORE - The operators of six shops in Peninsula Plaza are being investigated after they allegedly provided unlicensed cross-border money transfer services.

Officers from the Commercial Affairs Department, Criminal Investigation Department, Central Police Division and Ministry of Manpower conducted a joint operation on Sunday (June 28) at Peninsula Plaza.

The authorities also seized more than $460,000 in cash, computers and other paraphernalia relating to cross-border money transfer.

It is an offence for anyone to carry on a business of providing payment services in Singapore without a licence issued by the Monetary Authority of Singapore unless there is an exemption under the Payment Services Act.

The Act, which regulates the provision of payment services in Singapore, came into force on Jan 28 this year.

Those who are convicted of violating the Act can be fined up to $125,000, jailed for up to three years, or both.

"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," said the Singapore Police Force in a statement on Wednesday .

 

The police reminded members of the public who wish to remit money to another country to do so through a bank or licensed remittance agent.