SINGAPORE: Samlit Moneychanger will be charged on Thursday (Jul 9) for failing to comply with a Monetary Authority of Singapore (MAS) direction requiring it to continue handling complaints from customers whose remittances were frozen in China.
Its director, a 45-year-old woman, and compliance manager, a 36-year-old man, will also be charged in connection with the non-compliance, the Singapore Police Force (SPF) and MAS said in a joint news release.
The SPF and MAS began joint investigations into Samlit’s director and compliance manager on Feb 23, 2024.
“The investigations followed reports that beneficiaries in China were unable to access monies that were remitted through Samlit because they had been frozen or confiscated by authorities in China, as well as Samlit’s abrupt surrender of its payment services licence with the intention of discontinuing its business during an ongoing inspection by MAS,” they said.
During investigations, the compliance manager interfered with SPF’s access to two email accounts used by Samlit, obstructing investigations.
He also did not comply with 20 orders from SPF requiring him to provide passwords and authentication access to seized devices and email accounts.
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