Singapore Continues Suspension to Safeguard Remittances to China

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The Monetary Authority of Singapore (MAS) has announced an hold to nan ongoing suspension affecting remittances to China.

This suspension, now extended until 30 September 2024, pertains to nan usage of non-approved channels by remittance companies for transferring costs to nan People’s Republic of China (PRC).

The first determination to halt these circumstantial transactions came aft instances wherever remittance sent to China were being unexpectedly stiff successful nan recipient’s slope accounts, chiefly impacting Chinese nationals moving successful Singapore.

Since nan original suspension connected 1 January 2024, location person been nary further reports of specified incidents.

The MAS’s move intends to protect consumers from imaginable risks associated pinch these transactions and advises nan nationalist to activity replacement remittance methods, specified arsenic accepted banking services aliases paper networks, to debar akin issues.

Remittance services person commonly utilized overseas third-party agents for transactions to China, which, contempt nan caller issues, person mostly been successful.

However, nan Singapore Police Force (SPF) has logged complete 670 complaints related to stiff funds, totaling astir S$13 million, pinch a important information of complaints directed astatine 1 operator, Samlit Moneychanger.

MAS said that it will proceed to intimately show nan business and practices of remittance companies.

Featured image credit: Edited from Freepik

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