Regulatory Alerts2014-08-01
Added
MAS Notice 646 Foreign Exchange Conversion in China via the Renminbi Clearing Bank for the Settlement of Eligible Cross-Border Trade
The Monetary Authority of Singapore issued Notice 646 to establish regulatory requirements for participating banks conducting foreign exchange conversion in China via the Renminbi Clearing Bank for eligible cross-border trade settlement. The notice mandates that banks verify eligible trade transactions, maintain specific records, and submit statistical returns for Renminbi business activities. It applies to all full, wholesale, and merchant banks in Singapore engaged in these cross-border financial operations.
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