Under the Shared Responsibility Framework, banks have to block or hold for 24 hours a transaction of over S$25,000. - ST
SINGAPORE: Banks must block or hold for 24 hours suspicious transactions involving more than S$25,000.
This move must be part of banks’ real-time fraud surveillance to substantially reduce cases of customers having large sums of money rapidly drained from their accounts without their knowledge, the Monetary Authority of Singapore announced on Thursday (Oct 24).
