Overview
- On Thursday, July 9, 2026, Samlit Moneychanger and two people linked to it were charged with 17 counts each for failing to comply with a Monetary Authority of Singapore direction under the Financial Services and Markets Act.
- MAS issued the direction on Feb. 22, 2024 ordering Samlit to continue handling complaints and to provide remittance details so customers could appeal to Chinese authorities about frozen or confiscated funds.
- The company’s compliance manager faces extra charges for obstructing investigations by blocking police access to two Samlit email accounts and for failing to obey 20 orders to hand over passwords and device access.
- Regulators secured Samlit’s corporate bank accounts in 2024 and the MAS direction remains in force until an external auditor certifies that the firm has made sufficient provisions for liabilities.
- About 430 police reports were filed over the frozen remittances, police probed possible fraudulent trading but found insufficient evidence to charge for now, and MAS breaches can carry fines of up to S$1 million per offence.