More than $1 million seized, 7 men rounded up in police raid of two unlicensed remittance businesses

Seven men, aged between 26 and 64, were rounded up to assist in investigation into their suspected involvement in providing a cross-border money transfer service without a valid licence issued by the Monetary Authority of Singapore.

Two offices at Veerasamy Road and Upper Dickson Road were raided by police officers from the Commercial Affairs Department between May 5 and 11.

More than $1 million, eight mobile phones, three currency counting machines and remittance transaction records were seized as case exhibits.

Investigations are ongoing.

Under the Payment Services Act 2019, it is an offence for anyone to carry on a business of providing any type of payment services, including cross-border money transfer services, in Singapore without a license unless he is exempted under the Act.

The offence carries an imprisonment term of up to three years, a fine of up to $125,000, or both.

In the case of a continuing offence, the fine is up to $12,500 for each day during which the offence continues after conviction.