He had allowed a third-party to use his bank account to deposit $106,173. Read more at straitstimes.com.
SINGAPORE - A 26-year-old man who helped provide unlicensed payment services in Singapore was sentenced to five weeks’ jail on Friday.
In March 2021, the Commercial Affairs Department was alerted to US$34,650 and US$10,500 being transferred into Ashish’s bank account from a suspected victim of remittance fraud based in another country. However, the three of them did not have a licence to run a business of providing any type of payment service in Singapore, nor were they exempt payment service providers, the statement said.
In the case of a continuing offence, they can be fined up to $12,500 for every day during which the offence continues after conviction.The police statement said the analysis of a suspicious transaction report helped to surface the offence, which shows how useful financial intelligence can be in detecting criminal activities.
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