Singapore MAS & Police to Charge Singapore-Based Samlit Moneychanger (Include Director & Compliance Manager) in Singapore Court for Failures to Comply with Complaints Handling & Obstruction of Justice, Singapore Police Received More than 670 Reports of Around $9.8 Million Money Remittances to China Frozen in 2023 December
9th July 2026 | Hong Kong
Monetary Authority of Singapore (MAS) & Singapore police have announced Singapore-based Samlit Moneychanger (Include director & compliance manager) will be charged in Singapore court for failures to comply with complaints handling & obstruction of justice. In 2023 December, Singapore police received more than 670 reports of around $9.8 million money remittances to China frozen. The Monetary Authority of Singapore (MAS) had separately suspended money remittances to China via non-bank & non-card channels for 2024 Q1 (Notice 18/12/23), after reports of remittances via Singapore subsequently frozen in bank account in China. Monetary Authority of Singapore (MAS) is unclear why the funds are frozen, and encouraged individuals to use other channels such as banks or card network to prevent freezing of funds or bank account. More info below | View Singapore MAS notice here. Announcement (9/7/26): “Samlit Moneychanger Pte. Ltd. (“Samlit”) will be charged in court on Thursday, 9 July 2026 with 19 counts of failure to comply with a direction [1] on complaints handling under Section 52(3) of the Monetary Authority of Singapore Act 1970 (“MAS Act”) and Section 61(3) of the Financial Services and Markets Act 2022 (“FSMA”). A 45-year-old woman and a 36-year-old man, who are Samlit’s Director and Compliance Manager respectively, will also be charged in court on 9 July 2026 with 17 counts under Section 61(3) read with Section 174(2) of the FSMA. In addition, the Compliance Manager will also face two charges for obstruction of justice under Section 204A(b) of the Penal Code 1871 (“Penal Code”) and 20 charges for failing to comply with orders to assist the Singapore Police Force (“SPF”) to access computers under Section 39(3) of the Criminal Procedure Code 2010 (“CPC”). Background – On 23 February 2024, the SPF and the Monetary Authority of Singapore (“MAS”) jointly commenced investigations into Samlit’s Director and Compliance Manager. The investigations followed reports that beneficiaries in China were unable to access monies that were remitted through Samlit because they had been frozen or confiscated by authorities in China, as well as Samlit’s abrupt surrender of its payment services licence with the intention of discontinuing its business during an ongoing inspection by MAS [2] . Obstruction of Investigations – During investigations, the Compliance Manager interfered with SPF’s access to two email accounts used by Samlit, obstructing SPF’s investigation efforts. In connection with this, SPF will be charging the Compliance Manager with the offence of obstruction of justice under Section 204A(b) of the Penal Code. This offence carries an imprisonment term of up to seven years, a fine, or both. Between 24 February 2024 and 30 August 2024, SPF issued the Compliance Manager with 20 orders under Section 39 of the CPC, requiring him to provide passwords and authentication access to the seized devices and email accounts for the purpose of investigations, which he did not comply with. In connection with these orders, the SPF will be charging Samlit’s Compliance Manager with 20 counts of failing to comply with an order to assist the SPF to access computers, under Section 39(3) of the CPC. These offences each carry an imprisonment term of up to six months, a fine up to S$5,000, or both. The SPF takes a serious view of any attempt to obstruct the course of justice including acts which impede law enforcement investigations. All persons are required to comply with lawful orders issued by law enforcement officers in the course of their investigations. The SPF will not hesitate to take action against any individual who attempts to hinder or obstruct its investigations. Failures in Complaints Handling – In view of the number of reports against Samlit, MAS issued a direction on 22 February 2024 under Section 102(1) of the Payment Services Act 2019 requiring Samlit to continue assisting and addressing complaints by affected remitters. This included providing the affected remitters with relevant remittance information to facilitate their appeals to law enforcement agencies in China regarding the freezing of monies in their beneficiaries’ accounts. In connection with this, MAS will be charging Samlit with offences for failing to comply with this direction under Section 52(3) of the MAS Act and Section 61(3) of the FSMA. MAS will also be charging Samlit’s Director and its Compliance Manager with offences under Section 61(3) read with Section 174(2) of the FSMA. Each failure to comply with a MAS direction is an offence punishable under Section 52(3) of the MAS Act and Section 61(3) of the FSMA where the person is liable on conviction to a fine not exceeding $1 million. In 2024, MAS took steps to secure the funds in Samlit’s corporate bank accounts, given the circumstances surrounding Samlit’s sudden surrender of its licence. MAS’ direction remains in force until, among other conditions, Samlit obtains a certificate by an external auditor confirming that it has made sufficient provisions for liabilities, including any legal liabilities. Fraudulent Trading – As part of the investigations, the Police looked into possible offences of fraudulent trading. The investigation findings till date did not reveal sufficient evidence for criminal charges under Section 238(4) of the Insolvency, Restructuring and Dissolution Act. The Police, in consultation with the Attorney-General’s Chambers, will be taking no further action at this point. This does not preclude further investigation if Police receive new material information or evidence.
“ Singapore MAS & Police to Charge Singapore-Based Samlit Moneychanger (Include Director & Compliance Manager) in Singapore Court for Failures to Comply with Complaints Handling & Obstruction of Justice, Singapore Police Received More than 670 Reports of Around $9.8 Million Money Remittances to China Frozen in 2023 December “
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Singapore Police Received More than 670 Reports of Around $9.8 Million Money Remittances to China Frozen, Singapore Government Working with China Government to Understand Process to Release Funds & Unfreeze Bank Accounts
20th December 2023 – The Singapore Police Force (SPF) has received more than 670 reports of around $9.8 million (S$13 million) in money remittances to China frozen, with the Singapore government currently working with the China government to understand the process to release the funds and unfreeze the bank accounts. The Monetary Authority of Singapore (MAS) has separately suspended money remittances to China via non-bank & non-card channels for 2024 Q1 (Notice 18/12/23), after reports of remittances via Singapore subsequently frozen in bank account in China. Monetary Authority of Singapore (MAS) is unclear why the funds are frozen, and encouraged individuals to use other channels such as banks or card network to prevent freezing of funds or bank account. More info below | View Singapore MAS notice here
Singapore Police Received More than 670 Reports of Around $9.8 Million Money Remittances to China Frozen
18th December 2023 – The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) advised today that remittances of funds into the People’s Republic of China (PRC) should be made through channels such as banks and card networks, to prevent any inadvertent freezing of monies or accounts by PRC law enforcement agencies.
The advice was given at an outreach session organised by the SPF and MAS this evening for individuals (mostly PRC nationals working in Singapore) whose monies remitted into their beneficiaries’ bank accounts in China by remittance companies in Singapore through third-party agents had been frozen by PRC law enforcement agencies. Representatives from the PRC Embassy in Singapore and three remittance companies (Hanshan Money Express Pte. Ltd., Samlit Moneychanger Pte. Ltd., and Zhongguo Remittance Pte. Ltd.) were also present at the outreach session held at the Police Cantonment Complex and attended by 39 affected individuals.
To complement the advisory, MAS issued a Notice this afternoon to direct remittance companies to use only banking and card channels for remittances to China, with effect from 1 January 2024. Specifically, remittance companies may engage only a bank, an operator of a card network (e.g. Union Pay International), or a licensed financial institution that can engage a bank or an operator of a card network, to assist in the transmission of money. The temporary suspension against all other channels will be in place for three months in the first instance and reviewed after that. This is necessary for the immediate protection of consumers, and to stem the number of reported new cases of beneficiaries’ accounts in China being frozen.
- Members of the public are cautioned against rushing to remit monies to China through overseas third-party agents before 1 January 2024. Individuals should use other channels for remittances into China, such as through banks or card networks. Such channels are offered by the remittance companies and remain available for customers.
- As of 15 December 2023, SPF has received more than 670 reports of remittances being frozen, with a total affected amount of around $13 million. About 430 of the reports were against Samlit Moneychanger Pte Ltd. To keep transaction costs low, the remittance companies had processed the affected outward remittances through overseas licensed agents and not through a direct bank transfer from Singapore to China. The cases affected make up a small minority of total remittance transactions through remittance companies.
- While such non-bank channels were not prohibited, recent actions taken by PRC law enforcement agencies with respect to such channels have made them more risky. Hence, the actions taken by the SPF and MAS. The actions follow the notice published by the PRC Embassy on 24 October 2023 advising PRC nationals in Singapore to use official banking channels to remit funds to China, even though non-banking channels might offer more favourable exchange rates.
- These actions are part of a broader effort by the Singapore Government to work with the PRC Government and the relevant remittance companies in Singapore to help the remitters understand how they can get their monies and accounts in China unfrozen.
- The Ministry of Foreign Affairs (MFA) has engaged the PRC Embassy in Singapore on multiple occasions in the past month to register the Singapore Government’s concerns on the impact to remitters in Singapore and to understand what the affected remitters need to do to get the PRC law enforcement agencies to unfreeze the monies and accounts. The Singapore Embassy in Beijing has also raised this matter with the PRC Ministry of Foreign Affairs, as has the SPF with its counterparts in China.
- MAS has been actively engaging the remittance companies involved, and has told them to render the necessary assistance to affected customers and to strengthen their complaints handling process. This includes issuing a confirmation letter to affected remitters upon request, to prove that their monies had been remitted through them into China, with information on the source of funds (e.g. through employment) to facilitate the unfreezing of the accounts.
The Singapore Government has no jurisdiction over the beneficiary bank accounts frozen by the PRC law enforcement agencies. Nevertheless, we are in close contact with the PRC Government on the information required to facilitate the PRC law enforcement agencies’ decision on unfreezing of the accounts.
The Singapore Government understands the frustrations faced by the affected remitters and is doing all it can to help. We urge the affected remitters to provide all the information necessary to facilitate the unfreezing of their accounts by the PRC law enforcement agencies, and to seek redress within the legal framework of Singapore. SPF will not hesitate to take enforcement action against anyone who breaks the law in Singapore, including the organisation of or participation in a public assembly without a Police permit.
Singapore MAS Suspends Money Remittances to China via Non-Bank & Non-Card Channels for 2024 Q1, Reports of Remittances via Singapore Frozen in Bank Account in China, Singapore Unclear Why Funds are Frozen, Encouraged Individuals to Use Other Channels Such as Banks or Card Network to Prevent Freezing of Funds or Bank Account
20th December 2023 – The Monetary Authority of Singapore (MAS) has suspended money remittances to China via non-bank & non-card channels for 2024 Q1 (Notice 18/12/23), after reports of remittances via Singapore subsequently frozen in bank account in China. Monetary Authority of Singapore (MAS) is unclear why the funds are frozen, and encouraged individuals to use other channels such as banks or card network to prevent freezing of funds or bank account. Singapore MAS (18/12/23): “This Notice requires licensees providing cross-border money transfer services to suspend the use of non-bank and non-card channels when transmitting money to persons in the People’s Republic of China from 1 January 2024 to 31 March 2024 | View: Notice.” Singapore MAS: “Specifically, in providing individuals cross-border money transfer services to China, remittance companies in Singapore may engage only a bank or an operator of a card network (e.g. Union Pay International), or a licensed financial institution that has engaged a bank or an operator of a card network, to assist in the transmission of money. This restriction will last for a period of 3 months, from 1 January 2024 to 31 March 2024. It follows reports of remittances to China made by individuals (mostly PRC nationals working here) through remittance companies in Singapore being subsequently frozen in their beneficiaries’ bank accounts in China. To keep transaction costs low for customers, remittance companies engage overseas third-party agents, rather than banks, to complete the remittance from Singapore to China. In the vast majority of cases, the monies sent through these channels are successfully deposited in the beneficiaries’ bank accounts in China. However, in recent months, for a very small proportion of such remittances, the monies received in beneficiaries’ bank accounts have been frozen by the PRC law enforcement agencies. It is not clear why these funds had been frozen. Nonetheless, to minimise risks to consumers remitting funds to China, MAS has decided to temporarily suspend the use of non-bank and non-card channels by remittance companies for money transfers to China. While customers may now have to pay more to remit funds to China, this suspension is necessary for the immediate protection of consumers, and to stem the number of reported new cases of beneficiaries’ accounts in China being frozen … … MAS may terminate or extend the suspension after 31 March 2024 or take further measures as appropriate.” More info below:
Singapore MAS Suspends Money Remittances to China via Non-Bank & Non-Card Channels for 2024 Q1
18th December 2023 – The Monetary Authority of Singapore (MAS) today issued a Notice directing licensed payment service providers providing cross-border money transfer services (remittance companies) to suspend for the next three months the use of non-bank and non-card channels when transmitting money to persons in the People’s Republic of China (PRC).
- Specifically, in providing individuals cross-border money transfer services to China, remittance companies in Singapore may engage only a bank or an operator of a card network (e.g. Union Pay International), or a licensed financial institution that has engaged a bank or an operator of a card network, to assist in the transmission of money. This restriction will last for a period of 3 months, from 1 January 2024 to 31 March 2024. It follows reports of remittances to China made by individuals (mostly PRC nationals working here) through remittance companies in Singapore being subsequently frozen in their beneficiaries’ bank accounts in China.
- To keep transaction costs low for customers, remittance companies engage overseas third-party agents, rather than banks, to complete the remittance from Singapore to China. In the vast majority of cases, the monies sent through these channels are successfully deposited in the beneficiaries’ bank accounts in China.
- However, in recent months, for a very small proportion of such remittances, the monies received in beneficiaries’ bank accounts have been frozen by the PRC law enforcement agencies. It is not clear why these funds had been frozen. Nonetheless, to minimise risks to consumers remitting funds to China, MAS has decided to temporarily suspend the use of non-bank and non-card channels by remittance companies for money transfers to China. While customers may now have to pay more to remit funds to China, this suspension is necessary for the immediate protection of consumers, and to stem the number of reported new cases of beneficiaries’ accounts in China being frozen.
- MAS has been actively engaging the remittance companies involved. We have told them to render the necessary assistance to the affected customers and to strengthen their complaints handling process. We have also instructed them to review their existing arrangements with partners for the PRC remittance corridor, in view of these complaints and the impact to their customers.
The temporary suspension on the use of non-bank and non-card channels will take effect 14 days from the date of the notice, on 1 January 2024. The 14-day period provides time for the remittance companies to make the necessary changes to their existing practices, and for existing remittances to be completed.
MAS cautions members of the public against rushing to remit monies to China through overseas third-party agents during this 14-day period. Individuals should use other channels for remittances into China, such as through banks or card networks, to prevent any inadvertent freezing of monies or accounts. Such channels are offered by the remittance companies and remain available for customers.
MAS will continue to closely monitor the situation and practices of remittance companies. MAS may terminate or extend the suspension after 31 March 2024 or take further measures as appropriate.
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