Regulatory Alerts2021-06-28
Added
Notice 1116 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 1116 to establish regulatory requirements for merchant banks conducting foreign exchange conversion in China via the Renminbi Clearing Bank for eligible cross-border trade settlement. The notice mandates compliance with specific obligations including the verification of eligible trade, record keeping, and reporting procedures. These rules apply to all merchant banks in Singapore, including locally incorporated entities and branches, engaging in this specific Renminbi business activity.
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