The men, aged 26 to 64, are suspected of being involved in an unlicensed cross-border money transfer service. Read more at straitstimes.com.
SINGAPORE - Seven men were arrested and over $1 million was seized during police raids on alleged unlicensed payment service providers in the Little India area.
The men, aged between 26 and 64, are suspected of being involved in a cross-border money transfer service which was operating without a valid licence from the Monetary Authority of Singapore . If found guilty of the offence, a person may be jailed for up to three years, receive a fine of $125,000, or both.
The police have advised members of the public to only use payment service providers which are licensed by MAS.
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