Store fined S$35,000 after its workers sold jewellery to customers who paid with scam proceeds

Employees of the store at People's Park Complex sold valuables worth over S$313,000 in total, and over $140,000 of it was later traced to scam victims. - LIANHE ZAOBAO

SINGAPORE: In a case involving the first prosecution under a new law aimed at addressing risks relating to money laundering, a business called Kim Heng Jewellers and Goldsmiths was fined $35,000 on Tuesday (Nov 19).

Two employees of the store, located at People’s Park Complex in Park Road, sold valuables worth more than $313,000 in total to customers, and over $140,000 of that amount was later traced to two Singaporean victims of a malware scam.