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.
Notices
Last Revised Date: 25 September 2024
This Notice requires licensees providing cross-border money transfer services to suspend the use of channels that are not specifically permitted, when transmitting money to persons in the People’s Republic of China from 1 January 2024 until further notice. The latest version of this Notice was published on 25 September 2024.
Payment and Settlement Risk
Third-Party Risk Management
Applies to:
Major Payment Institution
,
Standard Payment Institution
View Notice
PSN11 Notice on Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to the People’s Republic of China
(139.1 KB)
25 September 2024
(139.1 KB) PSN11 Notice on Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to the People's Republic of China.
(145.1 KB) PSN11 (amendment) 25 September 2024 takes effect.
27 March 2024
(129.4 KB) PSN11 Notice on Temporary Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to the People's Republic of China.
(133.5 KB) PSN11 (amendment) 27 March 2024 takes effect.
29 December 2023
(129 KB) PSN11 (amendment) 29 December 2023 takes effect.