MAS suspends some channels for remittances

The temporary suspension on the use of non-bank and non-card channels will take effect from Jan 1 to March 31, 2024. — The Straits Times

SINGAPORE: Remittance companies here have been directed to suspend the use of non-bank and non-card channels when providing individuals with cross-border money transfer services to China for the next three months, Singapore’s central bank says.

This comes after the police said it had received more than 670 reports of remittances through such channels being frozen as of Dec 15, involving a total amount of around S$13mil.