Under Section 14(3) of the Societies Act 1966, anyone convicted of being a member of an unlawful society faces up to three years' jail, a fine of up to S$10,000, or both.
Operating a payment service, including cross-border transfers, without a valid licence carries a maximum penalty of a S$125,000 fine, up to three years' imprisonment, or both.
The initiative, emphasised at recent national forums, seeks to modernize transportation, cut carbon emissions and strengthen the country's export abilities.