First prosecution under new law: Store fined $35k after workers sold jewellery to customers who paid with scam proceeds
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SINGAPORE – In a case involving the first prosecution under a new law aimed at addressing risks relating to money laundering, a business called Kim Heng Jewellers and Goldsmiths was fined $35,000 on Nov 19. Two employees of the store, located at People’First prosecution under new law: Store fined $35k after workers sold jewellery to customers who paid with scam proceeds
SINGAPORE – In a case involving the first prosecution under a new law aimed at addressing risks relating to money laundering, a business called Kim Heng Jewellers and Goldsmiths was fined $35,000 on Nov 19. Two employees of the store, located at People’s Park Complex in Park Road, sold valuables worth more than $313,000 in total to customers, and over $140,000 of that amount was later traced to two Singaporean victims of a malware scam. The women, who were working for the store at the time, had processed the payments without conducting the necessary checks, despite having reasons to suspect that the funds were linked to money laundering activities. The business was convicted of one charge, involving more than $173,000, under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act. Two other similar charges linked to the remaining amount were considered during sentencing. Read more