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

(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, which was compoundable under section 29 of the MCRBA when the offence was committed, even though the MCRBA has been repealed, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the maximum fine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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