Regulatory Alerts2024-09-25
Added · Updated
PSN11 Notice on Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to the People’s Republic of China
Licensees providing cross-border money transfer services to individuals in the People’s Republic of China must not engage any person to assist in the transmission of money other than specific authorized entities. Permitted intermediaries include banks, card payment system operators, non-bank payment institutions licensed in the People’s Republic of China, financial institutions or related corporations of the licensee that directly engage such authorized entities, or other licensees that directly or through another licensee engage such authorized entities. This notice cancels MAS Notice No. PSN11 dated 18 December 2023 and takes effect from 1 October 2024.