7 arrested, $1m seized during raids on alleged unlicensed payment services in Little India
SINGAPORE - Seven men were arrested and over $1 million was seized during police raids on alleged unlicensed payment service providers in the Little India area.
The police said on Wednesday that officers from the Commercial Affairs Department raided two offices between May 5 and 11 along Veerasamy Road and Upper Dickson Road.
The men, aged between 26 and 64, are suspected of being involved in a cross-border money transfer service which was operating without a valid licence from the Monetary Authority of Singapore (MAS).
Besides the cash, eight mobile phones, three currency counting machines as well as remittance records were seized as case exhibits.
Investigations are ongoing.
It is an offence for an individual to provide payment services, such as cross-border money transfer services, without a licence, unless exempted.
If found guilty of the offence, a person may be jailed for up to three years, receive a fine of $125,000, or both.
In the case of a continuing offence, a person may be fined $12,500 each day the offence continues after their conviction.
The police have advised members of the public to only use payment service providers which are licensed by MAS.
Unlicensed payment services are not regulated or subjected to strict anti-money laundering and counter-financing of terrorism measures.
The police said that they will take action against those involved in providing unlicensed cross-border money transfer services as they pose the risk of being used as conduits for laundering money or financing terrorists.
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