Top Excel director pays $70,000 fine for unlicensed money-changing businesses

He violated the Money-changing and Remittance Businesses Act.

A firm director paid a fine of $70,000 after carrying out unlicensed money-changing and remittance businesses, which violated the Money-changing and Remittance Businesses Act (MCBRA), announced the Monetary Authority of Singapore (MAS).

Top Excel Distribution Network Limited (Top Excel), registered in the Republic of Marshall Islands, has been in business since November 2015.

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Its director, Go Choo Huat, was said to be in violation of Section 5(1) and Section 6(1) of the MCBRA. 

“A total of $2,787,320.06 in cheque deposits from various entities who had no business dealings with Top Excel was deposited in its bank account in Singapore,” MAS said in a statement.

Upon investigation, it was revealed that these deposits were for buying foreign currency or remitting payments to third parties, which breached licence requirements under the MCBRA.