He violated the Money Exchange and Money Transfer Business Act.
A company director has been fined $70,000 after carrying on unlicensed foreign exchange and money transfer businesses that violated the Foreign Exchange and Money Transfer Businesses Act (MCBRA), the report said. Monetary Authority of Singapore (MAS).
Top Excel Distribution Network Limited (Top Excel), registered in the Republic of the Marshall Islands, has been operating since November 2015.
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Its manager, Go Choo Huat, allegedly violated MCBRA Sections 5(1) and 6(1).
“A total of $2,787,320.06 in check deposits from various entities that had no business relationship with Top Excel were deposited into its bank account in Singapore,” MAS said in a statement.
Upon investigation, it was revealed that these deposits were used to purchase foreign currency or make payments to third parties, which violated licensing requirements under the MCBRA.
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