Singapore investigates money changer over suspected fraudulent trading

A probe into a 43-year-old woman and 34-year-old man, who are respectively the director and compliance manager of Samlit, has started on Friday, according to a joint statement by the Monetary Authority of Singapore and the city state’s police.

“Reports were also received about unusual transfer activities in Samlit’s corporate bank accounts and its director’s personal bank account,” the statement said. “MAS regrets that Samlit has not taken a more responsible course of action but has chosen to surrender its licence at this time.”

Given Samlit’s sudden surrender of its licence, the MAS has taken steps to secure the funds in Samlit’s corporate bank accounts, including directing the firm to seek approval for any fund withdrawals and transfers, according to the statement. The secured funds are sufficient to meet Samlit’s uncompleted remittance obligations, it said.

The authorities “understand the frustrations faced by the affected remitters and urge the affected remitters to seek redress within the legal framework of Singapore,” according to the statement.