MAS revokes 2 remittance licences

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.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia