What are the penalties for moneylending activities?
Under the Moneylenders Act 2008, when a bank account, ATM card or internet banking token of any person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in carrying on the business of unlicensed moneylending.
First-time offenders found guilty of the offence of carrying on or assisting in a business of unlicensed moneylending can be punished with a jail term of up to four years, a fine between $30,000 and $300,000, and caning of up to six strokes.