Four, including 16-year-old, charged for using Sheng Siong teller machines for money laundering
newsare.net
Four men, aged 16 to 23, were charged last Saturday (June 21) for using Sheng Siong teller machines to allegedly launder money.Of the four, three were charged under Section 411 of the Penal Code, while one was charged with an offence under the Corruption, DruFour, including 16-year-old, charged for using Sheng Siong teller machines for money laundering
Four men, aged 16 to 23, were charged last Saturday (June 21) for using Sheng Siong teller machines to allegedly launder money.Of the four, three were charged under Section 411 of the Penal Code, while one was charged with an offence under the Corruption, Drug Trafficking and Other Serious Crimes Act.The scheme came to light when Sheng Siong customer and operations director Lin Zikai noticed multiple suspicious transactions made at the same time by the same account at different $TMs across Singapore on June 18.The service was suspended the next day and restored on June 23.Known as simple teller machines ($TM), the ones at Sheng Siong differ from other ATMs as they generate a PayNow QR code which can be scanned to authorise dispensing of cash.A maximum of $1,000 can be withdrawn in one transaction, with the number of transactions tied to the PayNow daily limit.While the default withdrawal limit for PayNow is $1,000, users can change it up to $200,000.