Singapore Probes Unlicensed FX Dealers In Drive Against Fraud

REGULATIONS

In a bid to crack down on fraud, the Singapore government's Commercial Affairs Department, has begun a major investigation into unlicensed companies dealing in foreign exchange.

"There are indications that the Monetary Authority of Singapore may step in to regulate the market, " says a senior banking source.

More than 20 unlicensed companies trading in foreign exchange have opened their doors in the past 12 months, many of them listed as investment companies. The unlicensed operators are said