People remitting funds to China have had their bank accounts frozen, funds confiscated: Case

[Ronin881]

Expect protest from China workers.

Unlikely, especially after the HanFZ incident.
They better keep their money here in Sg.

 

[Ronin881]

I think MAS cannot just wash their hands and say China govt confiscate so beyond jurisdiction. MAS issue license to these remitters, the least that MAS do is to penalise these remitters by making them reimburse for any amount that is confiscated. Otherwise how would any customer know that these MAS licensed remitters are actually money dhobies ? It reduces trust in the integrity of a MAS license.

I think you missed the point. MAS already washed their hands in a golden basin.

The problem is in China not some local maid employer's home.

 

[spinex]

I think MAS cannot just wash their hands and say China govt confiscate so beyond jurisdiction. MAS issue license to these remitters, the least that MAS do is to penalise these remitters by making them reimburse for any amount that is confiscated. Otherwise how would any customer know that these MAS licensed remitters are actually money dhobies ? It reduces trust in the integrity of a MAS license.

Exactly.. though money locked by China but Spore always brand itself as anti laundering and pride itself as a safe financial hub. Its not like remittance license is easily obtained from MAS.

So all along many of these remitance companies doing monkey business to remit the money and MAS has no ideas until the China gov decided to clamp down on it ?

So mean now MAS licensed remittance companies all cannot be trusted anymore.

How come there is no security deposit or bank gurantee for remittance companies as a criteria for MAS licensing ? Imagine a remittance company collected a lot of money for remittance and suddenly closed down ?

Even layman also can think of simple check and control for example, base on the deposit with MAS as a licensed remittance company, the remittance can only collect remittance amount maximum to their deposit. If their turnover per day is $1m and it take an average 3 days to remit the money, meaning for 3 days they would have collected $3m. They should have at least $3m deposit with MAS. This is as a guarantee in case they close shop or run road.

This simple logic world class finance minister of sg also cannot implement ?....

 

[groo-the-wanderer]

I think you missed the point. MAS already washed their hands in a golden basin.

The problem is in China not some local maid employer's home.

I think u missed the point. Under MAS regulations, these remitters are required to transfer using banks. Instead they get dodgy individual accounts in China to transfer the RMB, these dodgy accounts were already under surveillance by Chinese govt as linked to scammers, hackers, and illicit gambling money. When money from such accounts were transferred, the Chinese govt then suspended the recipient’s accounts on suspicion of money laundering. This is akin to remitters in Singapore cheating their customers by exchanging illicit RMB for clean SGD.

Liddat MAS license is not worth anything if licensed entities allowed to cheat customers.

 

[Ronin881]

Exactly.. though money locked by China but Spore always brand itself as anti laundering and pride itself as a safe financial hub. Its not like remittance license is easily obtained from MAS
This simple logic world class finance minister of sg also cannot implement ?....

Please don't give him false hope, lah!

Why should our govt bother about foreigners' money stuck in foreign country?

Who did they vote for?

 

[wheyprotein]

Link

Those cheapskates remitted using dubious channels instead of banks and licensed remisiers

Then act surprised when caught

 

[Ronin881]

Liddat MAS license is not worth anything if licensed entities allowed to cheat customers.

If the evidence is discovered, then the remittance coy loses its MAS license, and may get fined or other punishments.

So MAS license is like driving license, the driver can still deliberately cause accidents and drive illegally.

 

[enigmastar]

My china worker now ask hr to issue them a letter to state their salary income cause their money remitted home kena freeze.

 

[groo-the-wanderer]

Please don't give him false hope, lah!

Why should our govt bother about foreigners' money stuck in foreign country?

Who did they vote for?

If we want to be financial hub, giving licenses to entities and allowing them to cheat customers, whether foreign or local, is not the way to go.

 

[Ronin881]

If we want to be financial hub, giving licenses to entities and allowing them to cheat customers, whether foreign or local, is not the way to go.

Is there any proof of cheating?
Or is that pure speculation.

 

[groo-the-wanderer]

Is there any proof of cheating?
Or is that pure speculation.

Well all those guys go to case for the aircon ? Do u even read ?

 

[Ronin881]

Well all those guys go to case for the aircon ? Do u even read ?

And what did CASE reply?

Do you even understand the reply?

 

[testerjp]

Was in Chinatown at dinner time, the Samlit remittance, which had the most cases, only opened one counter, and it was the money changer.

Zhongguo and the rest had zero queue, only two counters opened.
The cso even reached out and asked if i want to remit $.
Looks really bad, not sure if they could hold for long.


I tried using my OCBC corp account to remit to a personal account in China, it was unsuccessful.
Reason given was corp can only transfer to a corp account.


DBS remit would be my preference. I would use DBS remit to send $ to my China agent, then use my corp OCBC account reimburse me back.

But the OCBC bank called me one day saying it's not allowed or something. Forgot the reason


I wonder if i should take my chance with
1. Zhongguo, who claimed that they have a sure safe way using bank transfer but at lower rates.

2. Take my chance with DBS remit again.

Headache.
Send money to China also need to be so troublesome.

 

[Wu-Han Clan]

first time see this toothless tiger CASE come out to say anything

i puzzled why they are even involved....

 

[AndroidComa]

i puzzled why they are even involved....

cos our beloved FT money got confiscated and they want to show the world that they, a.k.a CASE, is a TIGER!
or they take this chance to remind people they are still around, cos they know they can't influence anything even

 

[testerjp]

Funny.

I asked zhongguo what's the safest way to send to China.
The rates for that is even worse than dbs remit, and dbs remit has no fees.


Got one problem for me though.
Ocbc Corp account don't allow transfer to China personal account.

If I use personal account send to China then my Corp account to reimburse me. I maybe flagged or something.

 

[cosmothecat]

I went to Bank Of China local branch to take out my SGD$300k fixed deposit, the queue was soooooooo long.

Mostly there to remit RMB to China.

 

[spinex]

Is there any proof of cheating?
Or is that pure speculation.

It not cheating but obviously using dubious channel to remit the money back to the sender account in China. Using dubious channel to transfer back so can be doing laundering business for some China people or some scams group.

To the sender they do know what channels the remittance companies used to remit to their bank accounts in China.

 

[spinex]

If the evidence is discovered, then the remittance coy loses its MAS license, and may get fined or other punishments.

So MAS license is like driving license, the driver can still deliberately cause accidents and drive illegally.

Your analogy also mean the licensed drivers has multiple driving offences committed during all the years but he was never penalised because there are no enforcement done on the ground to ensure all drivers follow driving laws or regulation.

Now after China taken action then local enforcement then wake up and realise all along the licensed drivers has been driving and breaking road traffic law with no qualms.

You got driving license mean no traffic police, traffic camera, speed camera, cisco personnel around the island to check and do enforcement to make sure drivers following the rules ?

So can LTA assume since LTA issued you driving license you all guai guai follow all the traffic laws and there need no check and balance done at all ?

 

[Humster]

My china worker now ask hr to issue them a letter to state their salary income cause their money remitted home kena freeze.

Uh.. send 6mths SDL/Salary/proof of employment,i.e company.
Got black and white makes things easier.