Malik Sameer, 36, the compliance manager at Samlit Moneychanger in Singapore's Chinatown, was handed 39 charges under the Financial Services and Markets Act. His Singaporean colleague, 45-year-old Novianti, who is known by only one name and served as the company's director, was also charged in connection with the case.
According to The Straits Times, Samlit Moneychanger, Novianti, and Malik each face 17 charges under the Financial Services and Markets Act relating to the company's operations.
The case stems from a large-scale remittance issue reported in 2023, when the Singapore Police Force received more than 670 reports from customers whose money transfers to China had been frozen by Chinese authorities. Approximately SGD13 million, equivalent to around USD10 million, was affected. Samlit Moneychanger was identified as one of the companies involved in the affected remittance transactions.
In February 2024, the Monetary Authority of Singapore directed Samlit Moneychanger to address complaints filed by affected remitters. However, according to reports, the company allegedly failed to resolve the complaints.
In a joint statement issued on Thursday, the Singapore Police Force and the Monetary Authority of Singapore said beneficiaries in China were unable to access funds remitted through Samlit because the money had been frozen or confiscated by Chinese authorities.
Investigators also examined what the authorities described as Samlit's abrupt surrender of its payment services licence while the Monetary Authority of Singapore was conducting an ongoing inspection of the company.
Between February 24 and August 30, 2024, the Singapore Police Force issued Samlit with 20 orders directing the company to provide passwords and authentication access to seized electronic devices and email accounts. The authorities alleged that the company failed to comply with those orders.
The cases involving Samlit Moneychanger, Malik Sameer, and Novianti have been adjourned until August 6, 2026. The prosecution marks a significant development in one of Singapore's largest recent remittance investigations, highlighting regulatory scrutiny over cross-border money transfer services and compliance with financial laws.
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