Singapore Probes Remittance Firm on Suspected Fraudulent Trading.

Singapore-based remittance firm Samlit Moneychanger is under investigation for suspected fraudulent trading. The director and compliance manager of the company are being probed by the Monetary Authority of Singapore and the city-state's police. Samlit had previously been sued by clients after money they had sent home from Singapore was frozen by Chinese police. The firm had informed the regulator of its intention to surrender its payments services license and cease operations. The MAS has taken steps to secure the funds in Samlit's corporate bank accounts to meet its remittance obligations. [Extracted from the article]