The Monetary Authority of Singapore said Samlit Moneychanger Pte. Ltd. will be charged in court with 19 counts of failing to comply with a direction on complaints handling, while the firm’s director and compliance manager will face 17 related charges. The case follows a February 2024 direction requiring Samlit to keep assisting remitters after reports that beneficiaries in China could not access remitted funds because the money had been frozen or confiscated, and after Samlit abruptly surrendered its payment services licence during an ongoing Monetary Authority of Singapore inspection. The direction required Samlit to continue addressing complaints and provide affected remitters with remittance information to support appeals to law enforcement agencies in China. Each failure to comply with a Monetary Authority of Singapore direction can attract a fine of up to SGD 1 million. The authority also secured funds in Samlit’s corporate bank accounts in 2024, and the direction remains in force until, among other conditions, an external auditor certifies that the firm has made sufficient provisions for its liabilities, including legal liabilities. Separately, the Singapore Police Force will charge the compliance manager with two counts of obstruction of justice for interfering with access to two Samlit email accounts and 20 counts for not complying with orders to provide passwords and authentication access between 24 February 2024 and 30 August 2024. Police also said they found insufficient evidence at this stage to pursue fraudulent trading charges and, after consulting the Attorney-General’s Chambers, will take no further action unless new material information or evidence emerges.
Monetary Authority of Singapore2026-07-09
Monetary Authority of Singapore to charge Samlit Moneychanger and two executives over 19 complaints handling breaches
The Monetary Authority of Singapore said Samlit Moneychanger will be charged with 19 counts of breaching a direction to continue handling customer complaints, while its director and compliance manager will face 17 related charges. The direction was issued after remittance beneficiaries in China lost access to funds and requires Samlit to keep assisting remitters and provide remittance information. Separately, police will charge the compliance manager with obstruction and computer access offences, while taking no further action for now on possible fraudulent trading.