Singapore Charges Woman for Exchanging Bitcoins Without PSA License
- She is looking at a fine of up to $89,500 or imprisonment of 3 years.
The Singapore authorities are charging a 23-year-old woman for illegally dealing in Bitcoins with funds obtained from criminal activities.
According to The Business Times report on Tuesday, this the first indictment by Singapore law enforcement under the newly introduced Payment Service Act (PSA) 2019.
Under the Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) rules, anyone facilitating cryptocurrency transactions needs to obtain a license from the regulator, and the woman had no such business license.
The woman provided digital currency exchange services between February 27 and 28, the Singapore Police Force revealed in an official statement. She received funds from at least 13 fund transfers to her bank account totaling SGD 3,350 (around $2,405) and then used them to purchase Bitcoins.
The police highlighted that the transfers were made under the instruction of an unknown person, and the woman received a commission for her service. Moreover, the funds deposited in her bank account were obtained from the victims of online scams.
The Singapore authorities are charging the woman under Section 5 of the Payment Services Act 2019.
If found guilty, she is looking at a fine of up to SGD 125,000 (around $89,766) or prison time of up to three years, or both.
The Singapore authorities might set it as an exemplary trial to scare anyone else violating such laws.
Creating a regulated jurisdiction for crypto companies
The city-state enforced the PSA earlier this year, updating the AML rules for all types of digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, including digital currencies.
Meanwhile, many global established companies are opening bases in Singapore to expand their businesses in the Asia-Pacific region. The city-state is already known for being a financial hub and is now welcoming crypto companies by introducing regulations.
The Singapore authorities are charging a 23-year-old woman for illegally dealing in Bitcoins with funds obtained from criminal activities.
According to The Business Times report on Tuesday, this the first indictment by Singapore law enforcement under the newly introduced Payment Service Act (PSA) 2019.
Under the Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) rules, anyone facilitating cryptocurrency transactions needs to obtain a license from the regulator, and the woman had no such business license.
The woman provided digital currency exchange services between February 27 and 28, the Singapore Police Force revealed in an official statement. She received funds from at least 13 fund transfers to her bank account totaling SGD 3,350 (around $2,405) and then used them to purchase Bitcoins.
The police highlighted that the transfers were made under the instruction of an unknown person, and the woman received a commission for her service. Moreover, the funds deposited in her bank account were obtained from the victims of online scams.
The Singapore authorities are charging the woman under Section 5 of the Payment Services Act 2019.
If found guilty, she is looking at a fine of up to SGD 125,000 (around $89,766) or prison time of up to three years, or both.
The Singapore authorities might set it as an exemplary trial to scare anyone else violating such laws.
Creating a regulated jurisdiction for crypto companies
The city-state enforced the PSA earlier this year, updating the AML rules for all types of digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, including digital currencies.
Meanwhile, many global established companies are opening bases in Singapore to expand their businesses in the Asia-Pacific region. The city-state is already known for being a financial hub and is now welcoming crypto companies by introducing regulations.