MAS Extends Suspension of Remittances to China Through Channels that are not Specifically Permitted
The Monetary Authority of Singapore (MAS) today issued a Notice [1] to extend, for a further six months until 30 September 2024, the suspension of the use of channels that are not specifically permitted (non-specified channels [2] ) by remittance companies when transmitting money to persons in the People's Republic of China (PRC).
Since the suspension was first implemented on 1 January 2024, MAS has not received reports of monies remitted to China through the specified channels subsequently being frozen by PRC law enforcement agencies. To minimise risks to consumers remitting funds to China, MAS has decided to extend the suspension to 30 September 2024.
MAS will continue to closely monitor the situation and practices of remittance companies.
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