Singapore's MAS and police investigate Samlit Moneychanger Pte for fraudulent trading and offenses, suspend its license, and secure funds for remittance obligations.
Singapore's Monetary Authority (MAS) and police are investigating Samlit Moneychanger Pte, a remittance firm, on suspected fraudulent trading and other offenses. The company, which had its license suspended and plans to discontinue its business, received complaints about funds being frozen in China. MAS has secured funds in Samlit's corporate accounts, sufficient to cover its pending remittance obligations. Authorities are urging affected remitters to seek redress within Singapore's legal framework.
February 23, 2024
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