Monetary Auth of Singapore MAS should give guidance to banks on how to observe money laundering regulations
This is based on my understanding. If I am wrong, the finance minister can apply POFMA and give a correction order.

I understand that MAS expects banks to observe the money laundering regulations but do not give guidance to the banks on what are acceptable and practical measures. They leave this matter to the banks to decide. 

There is a regulation in China that international payments are allowed for individuals and not to businesses.

To ensure that this regulation is observed, DBS bank require me (their customer) to provide the following details to support a payment to a bank account in China - bank code (CNAP), account code, name of payee in English and Chinese, NRIC, address. 

I gave up. 

Surely, if I make a payment to a bank account in China, it is the duty of the receiving bank to observe the regulation? Surely, it is sufficient for me to just provide the bank code and account number, and dispense with the rest of the other details?

When I pay using PayPal, I only need to give the email address (which identifies the account). That's all. 

When I pay using Transferwise, I am asked to provide the Union Pay card number of the payee. (I do not know if they require other details. I suspect not).

Can MAS give guidance to the banks on what are practical and necessary measures, so that the banks do not go overboard in implementing regulations that cause unnecessary hassle and difficulty to their customers?

Do we want our banks to be competitive or allow business to flow elsewhere?

Tan Kin Lian

 

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