Is the money transfer business regulated?
"MAS regulates domestic money transfer service providers and remittance agents."
"Larger money transfer service providers (major payment institutions) are required to protect the money that you instructed them to transfer. That means that if the service provider’s business fails, you should be able to recover your money."
"Small money transfer service providers (standard payment institutions) are not required to protect customers’ money, but they must inform you of this. You can check the Financial Institutions Directory to check on the licensing status of the money transfer service provider."