MAS revokes 2 remittance licences

For failing to comply with regulations.

The Monetary Authority of Singapore announced that it has revoked the remittance licences of BTI Money Transfer Pte Ltd and OFW Remittance Services Pte Ltd with effect from 23 September 2013.

Both companies failed to comply with requirements in the Money-Changing and Remittance Businesses Act (Cap. 187), Monetary Authority of Singapore Act (Cap. 186) and their corresponding Notices, including Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.

MAS takes a serious view of such breaches as weak AML/CFT framework and control systems could result in licensees being used as a conduit for money laundering and terrorist financing.

Over the last three years, MAS said it has revoked the licences of six money changers and remittance companies for similar breaches. Currently, there are 74 licensed remittance companies operating out of 182 locations in Singapore.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia