On 28 June 2020, officers from the Commercial Affairs Department, Criminal Investigation Department, Central Police Division and Ministry of Manpower conducted a joint operation targeting unlicensed cross-border money transfer service at Peninsula Plaza. The operators of six shops at the location are currently assisting with investigations for their suspected involvement in providing cross-border money transfer services without a valid licence issued by the Monetary Authority of Singapore. Cash amounting to more than $460,000, computers and other paraphernalia relating to cross-border money transfer were seized.
Under Section 5 of the Payment Services Act, it is an offence for anyone to carry on a business of providing payment services in Singapore without a licence, unless the person is exempted under the Act. Individuals who are convicted of an offence under Section 5 of the Payment Services Act can be fined up to $125,000, or be 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. Members of the public who wish to remit money to another country should do so through a bank or licensed remittance agent.
Part of the items seized during the operation
SINGAPORE POLICE FORCE
01 July 2020 @ 10:50 PM