Regulatory Alerts2024-09-25
Added
PSN11 Notice on Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to the People’s Republic of China
The regulator requires licensees providing cross-border money transfer services to suspend the use of non-permitted channels when transmitting funds to persons in the People’s Republic of China. This restriction applies to Major and Standard Payment Institutions and remains in effect from 1 January 2024 until further notice. The latest version of this notice was published on 25 September 2024 to enforce these third-party risk management measures.