Samlit Moneychanger, director and compliance manager to face charges over MAS complaints handling breaches
Samlit Moneychanger, its director and compliance manager will be charged on 9 July 2026 over alleged failures to comply with a Monetary Authority of Singapore direction to assist customers affected by frozen remittances in China. The compliance manager also faces obstruction-related charges.
- Samlit, its director and compliance manager will face charges over alleged breaches of a MAS direction on complaints handling.
- The compliance manager also faces obstruction of justice and 20 charges of failing to assist police investigations.
- Police found insufficient evidence to pursue fraudulent trading charges but said investigations could resume if new evidence surfaces.
SINGAPORE: Samlit Moneychanger, its director and compliance manager will be charged in court on 9 July 2026 over alleged failures to comply with a Monetary Authority of Singapore (MAS) direction requiring the company to continue assisting customers whose remittances to China had been frozen.
The Singapore Police Force (SPF) and MAS announced the charges in a joint statement, outlining the offences and the regulatory actions taken against the company.
According to MAS, Samlit will face 19 counts of failing to comply with a direction on complaints handling under Section 52(3) of the Monetary Authority of Singapore Act 1970 and Section 61(3) of the Financial Services and Markets Act 2022 (FSMA).
Its 45-year-old director and 36-year-old compliance manager will each face 17 charges under Section 61(3) read with Section 174(2) of the FSMA.
The investigations began on 23 February 2024 after reports that beneficiaries in China were unable to access money remitted through Samlit because the funds had been frozen or confiscated by authorities there.
SPF and MAS said the investigations also followed Samlit's abrupt surrender of its payment services licence while MAS was conducting an ongoing inspection, with the intention of discontinuing its business.
As of mid-December 2023, about 430 police reports had been lodged against the company in relation to the frozen remittances.
In response to the large number of complaints, MAS issued a direction on 22 February 2024 requiring Samlit to continue assisting affected remitters and addressing their complaints.
"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," SPF and MAS said.
However, the authorities alleged that Samlit failed to comply with the regulatory direction.
Each offence of failing to comply with a MAS direction carries a maximum fine of S$1 million upon conviction.
Compliance manager faces additional charges
The compliance manager will also face two charges of obstruction of justice under the Penal Code after allegedly interfering with SPF's access to two email accounts used by Samlit during investigations.
According to MAS, the alleged actions obstructed the police's investigation efforts.
Between 24 February 2024 and 30 August 2024, SPF also issued the compliance manager with 20 lawful orders under the Criminal Procedure Code requiring him to provide passwords and authentication access to seized devices and email accounts.
The authorities alleged that he failed to comply with all 20 orders.
He will therefore face 20 charges for failing to comply with orders requiring assistance to access computers.
Each of these offences carries a maximum penalty of six months' imprisonment, a fine of up to S$5,000, or both.
The obstruction of justice offence carries a maximum penalty of seven years' imprisonment, a fine, or both.
"The SPF takes a serious view of any attempt to obstruct the course of justice including acts which impede law enforcement investigations," MAS quoted the police as saying.
"All persons are required to comply with lawful orders issued by law enforcement officers in the course of their investigations."
MAS measures and fraudulent trading probe
MAS said it had also taken steps in 2024 to secure funds held in Samlit's corporate bank accounts following the company's sudden surrender of its payment services licence.
The regulator said its direction requiring Samlit to continue handling customer complaints remains in force until, among other conditions, the company obtains certification from an external auditor confirming that sufficient provisions have been made for its liabilities, including any legal liabilities.
Separately, SPF said investigators had examined whether offences involving fraudulent trading had been committed.
"The investigation findings till date did not reveal sufficient evidence for criminal charges," SPF and MAS said.
The police, in consultation with the Attorney-General's Chambers, will therefore take no further action on possible fraudulent trading offences at this stage.
However, the authorities added that this does not preclude further investigations should new material information or evidence emerge.
