SINGAPORE – A money-changing firm and two people linked to it were charged on July 9 after beneficiaries in China could not access funds that were remitted through the company.
In February 2024, the Monetary Authority of Singapore (MAS) asked Samlit Moneychanger, which had an outlet in Chinatown, to address the affected remitters’ complaints but the company allegedly failed to do so.
The company; Malik Sameer, 36, who was the company’s compliance manager; and Novianti, 45, a Singaporean who goes by only one name and was its director; were charged with failing to comply with a direction involving the complaints.
This is an offence under the Financial Services and Markets Act (FSMA).
Samlit, Novianti and Malik face 17 charges each under the Act.
Malik, who is an Indian national, was handed 39 charges in total, including two counts of performing acts that could obstruct the course of justice
He is also accused of multiple counts of failing to comply with orders to help the Singapore Police Force (SPF) access some computers.
In a joint statement on July 9, SPF and MAS said that the beneficiaries in China could not access funds that were remitted through Samlit because the money had been frozen or confiscated by the authorities there.
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