On December 18, the Singapore Police Headquarters (SPF) and the Monetary Authority of Singapore (MAS) jointly announced that from January 1, 2024, all local cross-border remittance companies will suspend some services for three months, and will not be allowed to remit money to China through overseas third parties**, but can only handle remittances for customers through bank or card network channels such as UnionPay cards.
Click Add a description (up to 60 words) The ban lasts for three months, after which it will be assessed for continuation or other action. This is for immediate consumer protection and to reduce the number of new cases reported due to the freezing of beneficiary accounts in Chinese mainland.
In the statement, the MAS Financial Authority pointed out that a 14-day window will be provided for remittance companies to make adjustments and complete the "non-bank, non-UnionPay" third-party ** remittance business that has already received orders on hand.
The HKMA reminds that you should not rush to send money to China through an overseas third party** within the 14-day window, but should remit money through banks or UnionPay cards.
As of 15 December, ** had received more than 670 reports of bank accounts being frozen after remittances were made to China, of which 430 were related to Samlit Moneychanger Pte Ltd, with a total amount of SGD13 million (about 70 million RMB).