A Report by CYS Global Remit Legal & Compliance Office
In a recent case, a Singapore permanent resident, originally from China, was found involved in laundering over S$450,000 (US$333,360) from an investment scam targeting victims in Taiwan and Singapore. This illicit money was funnelled through Singapore to bank accounts in China. Additionally, the individual operated an illegal money remittance business, remitting about S$2.9 million from Singapore to China.
For his actions, 40-year-old Sun Weitao has been sentenced to two years, five months, and eight weeks' jail, coupled with a fine of S$27,000. While contesting five money-laundering charges, he was convicted and pleaded guilty to conspiring to carry out a remittance business without a license.
At CYS Global Remit, we strictly refrain from associating with any unlicensed remittance entities or individuals. Our business relationships undergo rigorous scrutiny through comprehensive Customer Due Diligence (CDD) procedures before establishment. This includes thorough verification of licenses using reliable sources, ensuring counterparts hold legitimate licenses for remittance services. Furthermore, our commitment extends to Financial Institution (FI) Due Diligence, providing an in-depth understanding of our counterparts' businesses, their sources of wealth, target industries, currencies, and a comprehensive assessment of their Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies.
Source: channelnewsasia.com/singapore
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