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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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Koh opened an account with Wise Asia Pacific under the company’s name, for the purpose of “overseas remittance”, police said their preliminary investigations revealed.<\/p>\n
Koh purportedly engaged in the buying and selling of cryptocurrency, primarily USDT, and advertised his services on cryptocurrency platforms such as Binance and Huobi.<\/p>\n
Interested buyers would transfer fiat currency to the company’s Wise account.<\/p>\n
Koh allegedly transferred these funds to his local bank account before transferring them to other local bank accounts as payments for the purchase of USDT from other cryptocurrency sellers.<\/p>\n
His case was adjourned to January.<\/p>\n
If convicted of carrying on a cross-border money transfer service without a licence under the Payment Services Act, he could be jailed for up to three years, fined up to S$125,000 or both.<\/p>\n<\/div>\n