The Monetary Authority of Singapore will suspend remittances to Chinese individuals through non-bank channels starting from January 1
As reported by Daily Economic News, the Monetary Authority of Singapore (MAS) announced that from January 1, 2024, local licensed cross-border remittance companies will temporarily stop using non-bank and non-card channels to remit money to individuals in China, and can only remit money through banks, bank card network operators, or cooperative financial institutions. This regulation will last for three months until March 31, 2024.The Chinese Embassy in Singapore once again reminds citizens to be aware that remitting money through non-bank channels may lead to the risk of account freezing and recommends choosing formal bank channels for remittance.It is reported that since the beginning of this year, the police have received more than 670 reports of bank accounts being frozen after remittance to China, involving a total amount of 13 million Singapore dollars.
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