Singapore MAS Fined Company Director S$70,000 for Carrying Money-Changing & Remittance Business Without Licenses, Deposited S$2.78 Million of Cheques with No Business Dealing
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Singapore MAS Fined Company Director S$70,000 for Carrying Money-Changing & Remittance Business Without Licenses, Deposited S$2.78 Million of Cheques with No Business Dealing
14th July 2022 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has fined a company director (Go Choo Huat, Top Excel Distribution Network Limited) S$70,000 for carrying on a money-changing and remittance business (November 2015) without licences, depositing a total of S$2.78 million of cheques from various entities with no prior business dealings for the purchase of foreign currency and/or remitting payments to 3rd parties.Singapore MAS: “The case was referred to MAS by the Attorney-General’s Chambers in February 2022, in the course of criminal court proceedings brought against Mr Go for the offences under sections 5(1) and 6(1) of the MCRBA.”See below for MAS Regulations.
” Singapore MAS Fined Company Director S$70,000 for Carrying Money-Changing & Remittance Business Without Licenses, Deposited S$2.78 Million of Cheques with No Business Dealing “
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Singapore MAS Regulations
Singapore | Leading Financial Centre in Asia
(A) Composition of Money-changing and Remittance Businesses Act (Cap. 187, Rev Ed 2008) (MCRBA) Offences
Section 96(3) of the Payment Services Act 2019 allows MAS to compound an offence under the MCRBA , which was compoundable under section 29 of the MCRBA when the offence was committed, even though the MCRBA has been repealed, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine prescribed for that offence at the time it was committed.
(B) Section 5 of the MCRBA
Section 5(1) prohibits a person from carrying on or advertising that he carries on a money-changing business unless he is in possession of a valid money-changer’s licence.
Section 5(2) provides that a person who has contravened section 5(1) would be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(C) Section 6 of the MCRBA
Section 6(1) prohibits a person from carrying on or advertising that he carries on a remittance business unless he is in possession of a valid remittance licence.
Section 6(2) provides that a person who has contravened section 6(1) would be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(D) Section 24(1) of the MCRBA
Section 24(1) provides that a director of a company can be charged and punished for an offence under the MCRBA committed by a company, unless he proves that (a) the offence was committed without his consent or connivance; and (b) he exercised such diligence to prevent the commission of the offence having regard to the nature of his function and to all the circumstances.
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