SINGAPORE: A man was charged on Thursday (Dec 4) with running an unlicensed cross-border money transfer business that received more than 1.4 million British pounds (S$2.4 million) from overseas accounts.
Sean Koh Chao Lun, a 34-year-old Singaporean, allegedly did not attempt to establish the source of these funds, and at least 75,050 pounds were scam proceeds from victims in Germany.
Koh was handed one count under the Payment Services Act of carrying on a cross-border money transfer service without a licence between May and June in 2022.
The police said in a statement that Koh was previously a director of a local company that has since been struck off by the Accounting and Corporate Regulatory Authority as of Mar 4, 2024.
