For failing to comply with regulations.
The Monetary Authority of Singapore announced that it has revoked the remittance licences of BTI Money Transfer Pte Ltd and OFW Remittance Services Pte Ltd with effect from 23 September 2013.
Both companies failed to comply with requirements in the Money-Changing and Remittance Businesses Act (Cap. 187), Monetary Authority of Singapore Act (Cap. 186) and their corresponding Notices, including Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.
MAS takes a serious view of such breaches as weak AML/CFT framework and control systems could result in licensees being used as a conduit for money laundering and terrorist financing.
Over the last three years, MAS said it has revoked the licences of six money changers and remittance companies for similar breaches. Currently, there are 74 licensed remittance companies operating out of 182 locations in Singapore.
