Authorities have uncovered a new money laundering scheme involving the illegal withdrawal of cash from Simple Teller Machines. $TMs, which use the PayNow function, are found at certain outlets of supermarket chain Sheng Siong. Four men aged between 16 and 23 have been charged, with over S$50,000 believed to have been laundered through such means. Staff had noticed large cash withdrawals from multiple machines across Singapore on Jun 18. When the pattern repeated itself the next day, they called the police. Sheng Siong has since implemented a maximum of five withdrawals per day for each user. Chloe Teo reports.
