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Jeweller faces 3 due-diligence charges; 313,000 in sale proceeds linked to scams
The Straits Times
|May 08, 2024
A jewellery shop was charged on May 7 with not performing the required checks when it sold gold jewellery and a gold bar for over $313,000 to an unidentified person, when there was reason to suspect money laundering.
Kim Heng Jewellers & Goldsmiths at People's Park Complex in Chinatown was handed three charges for failing to undertake prescribed customer due-diligence measures, after the money it received was linked to scams.
In a joint statement, the police and the Ministry of Law (MinLaw) said that between September and October 2023, the police received reports of phishing scams involving malware installed on victims' Android phones.
There were unauthorised bank transactions made from the victims' compromised accounts, the statement said.
The money was traced to three sale transactions between Kim Heng and an unidentified person.
This story is from the May 08, 2024 edition of The Straits Times.
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