Singapore Police Force and Monetary Authority of Singapore Investigate Overseas Online Trading Platform
The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) have launched a joint investigation into online trading platform, Samtrade FX run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines and into its related Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte Ltd on 28 December 2021.
Samtrade FX Limited and its related entities are not licensed by MAS, and have been placed on MAS’ Investor Alert List since July 2021, MAS said in a press release.
Samtrade FX Limited and its related entities are currently being investigated for potential offences under Section 82 of the Securities and Futures Act 2001, which prohibits any person from carrying on a business in any regulated activity without a capital markets services licence. There is reason to suspect that irregular trading activities have been carried out on the platform and investigations are being carried out on these activities.
Three men, aged between 31 and 36, have been arrested in connection with the investigation.
When dealing with financial products and services, members of the public should exercise caution and are strongly encouraged to deal only with persons who are regulated by MAS. Members of the public can verify if an entity has a valid licence by checking MAS’ Financial Institutions Directory. They can also check MAS’ Investor Alert List, which is a list of unregulated persons and entities who, based on information received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. MAS’ regulatory framework seeks to ensure that only competent and professional persons may provide regulated financial services. If you choose to deal with unregulated entities or persons, you will forgo the protection under MAS’ regulations.
Before committing to an investment, members of the public should always Ask, Check and Confirm.
ASK – ASK as many questions as needed to fully understand the investment opportunity. If the company is unable to answer or avoids answering any questions, be wary!
CHECK - CHECK on the company, its owners, directors and management members to assess if the investment opportunity is genuine.
CONFIRM - CONFIRM before investing, the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website (www.mas.gov.sg).