According to a Straits Times article published on June 25, a 23-year old Singaporean woman became the person to be charged under the Payment Services Act for providing payment services without a license.

The Payment Services Act 2019 was implemented at the beginning of 2020 for the purpose of fighting money laundering and terrorism financing. The law is also meant to strengthen consumer protection for e-payments.

The Case 

The woman was charged with one count of providing payment services without a licence by receiving at least 13 fraudulent fund transfers amounting to around $3,000 on a digital payment token service into her bank account near the end of February.

She then used the amount to buy Bitcoin, a type of cryptocurrency that works on blockchain technology.

According to a Police spokesperson, “the amount deposited into her bank account turned out to be proceeds of crime from victims of online scams”. 

Due to her previous brushes with the law, her bail was set at $15,000 and if found guilty of the offence under the Payment Services Act, she can be jailed for up to three years and fined up to $125,000. 

Getting a Criminal Lawyer in Singapore

Mr Amarjit Singh Sidhu of Amarjit Sidhu Law Practice has represented numerous clients in a wide variety of matters over the years in civil and military courts from domestic violence, spousal and child maintenance; family disputes to high-profile divorce; care and control and custody issues, relocation and child abduction. There is a Team of 4 experienced lawyers in the Firm. With a vast knowledge of Singapore’s laws and a wealth of experience, Mr Amarjit Singh Sidhu will be able to provide valuable and timely advice for your situation. For more information, feel free to contact us for a consultation.

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