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MAS extends suspension of remittances to China through unauthorised channels for 6 more months

It will be effective until 30 September 2024.

The Monetary Authority of Singapore extended for six more months the suspension of remittances to China through channels that are not specifically permitted.

In a statement, MAS said it has not received any report of monies transmitted to China through such channels that were subsequently frozen by law enforcement agencies in China.

“To minimise risks to consumers remitting funds to China, MAS has decided to extend the suspension to 30 September 2024,” MAS said.

Last year, the agency issued a notice urging remittance companies to rely only on banking and card channels for remittances to China, effective 1 January 2024.

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