Samlit Moneychanger faces 19 charges over remittance complaints

Each breach of a MAS direction carries a maximum $1m fine.

Samlit Moneychanger Pte. Ltd. was charged on 9 July with 19 counts over its alleged failure to comply with a regulatory direction concerning remittance complaints, according to the Monetary Authority of Singapore (MAS).

Its director and compliance manager were each charged with 17 related offences under the Financial Services and Markets Act 2022.

Each failure to comply with a MAS direction carries a maximum fine of $1m upon conviction.

The case followed reports that beneficiaries in China were unable to access money remitted through Samlit after the funds were frozen or confiscated by Chinese authorities.

MAS and the Singapore Police Force (SPF) began joint investigations on 23 February 2024, a day after the regulator directed the company to continue assisting affected remitters and handling their complaints.

The direction required the group to provide customers with remittance information that could support appeals to law enforcement agencies in China.

“During investigations, the compliance manager interfered with SPF’s access to two email accounts used by Samlit, obstructing SPF’s investigation efforts,” MAS said.

Between 24 February and 30 August 2024, police issued 20 orders requiring passwords and authentication access to seized devices and email accounts, which the manager allegedly failed to provide.

He was subsequently charged with two counts of obstruction of justice and 20 counts of failing to comply with police orders.

The obstruction of justice charges carry a maximum penalty of seven years’ imprisonment, a fine or both. Each failure to assist police with computer access carries up to six months’ imprisonment, a fine of up to $5,000 or both.

The authority took steps in 2024 to secure funds in Samlit’s corporate bank accounts after the company abruptly surrendered its payment services licence during an ongoing inspection.

The MAS direction remains in force until certain conditions are met, including external-auditor confirmation that the group has made sufficient provisions for its liabilities.

Police separately investigated possible fraudulent trading but said the evidence gathered so far was insufficient to support criminal charges.

“The police, in consultation with the Attorney-General’s Chambers, will be taking no further action at this point,” MAS added.

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