SINGAPORE: From Oct 15, banks may hold or reject $$$ transfers from accounts with balances of at least S$50,000 (US$38,800) if they result in over 50%

[UltimaOnline]

If your account has $70,000:

• The 50% threshold = $35,000.
• If you transfer $36,000 (or more, including what you’ve already withdrawn in the past 24 hours), the safeguard kicks in.
• That triggering transaction, and all subsequent outgoing transfers for the next 24 hours, may be held or rejected

So:

• Transfer ≤ $35,000 in 24h → goes through normally.
• Transfer > $35,000 in 24h → bank can hold/reject that transfer + block subsequent ones for 24h.

Essentially, once your account is ≥ $50k, the system is designed to stop you from moving more than half the balance in one day without a 24-hour cooling period.


https://www.channelnewsasia.com/sin...ct-transfers-anti-scam-measure-oct-15-5383281

 

[batman1]

Stop money laundering ? ROFL......

 

[Narong Wongwan]

No amount of safeguards can help the moronic scam victims. They are victims of their own stupidity. Dun inconvenience the rest of us

 

[sbfuncle]

In this case, just transfer all 70k at the first transfer.

 

[face the facts]

how about lets say if you want to buy tbills 500k?

 

[Loofydralb]

Stop money laundering ? ROFL......

Wrong. Stop a run on the banks.
Collapse is imminent.

 

[bobby]

Liddat then scammers each time just transfer $34,999.99

 

[A Singaporean]

Because of coolie gene retards, the rest have to suffer the inconvenience too.

 

[laksaboy]

Need to do it the old fashioned way. Suitcases of cash for deposit at a bank branch. Can authenticate in-person, best way to prevent online scam.

Come to think of it, I did once see an ATB open a new bank account at a POSB outlet, she deposited large amounts of cash from a big bag she was carrying. She was at the counter for a long time, longer than most other customers.

 

[tobelightlight]

my account only $200 but i want to transfer $150, like that cannot har.

 

[Hightech88]

In exceptional cases where customers urgently need transactions to be processed during the cooling period, they will have to verify their transactions with the bank.

This can be done at the bank's branches, ATMs or by calling the contact centre, depending on the options offered by the bank.

When a legitimate transaction is rejected, customers can reinitiate the transaction if they subsequently verify it with their bank.

Absolute rubbish move. Scammers are smart and they will just withdraw 50% of balance and can still siphon substantial funds and continue to scam big big LOL.

And still need to verify by calling or visit the banks in person some more. Like their hotline will be jammed and outlet with long queues, really kee siao.

Like that if want to pay in full to buy $200K car how? Withdraw $200K cash and walk in car dealership and open the suitcase in this manner?
@sbfuncle Like this KYM?

 

[Balls2U]

Open accounts in 10 different banks.

 

[eatshitndie]

Open accounts in 10 different banks.

thought there are only 6.9 “full” local commercial banks in sg, physical and digital. the other 3 local banks to make 10 will be the sperm bank, river bank, and underground loan shark bank? oh wait, there are 28 foreign “full” banks in sg, but they are very constrained in number of branches, atms, and deposit opportunities. will you deposit your money in a ceca bank?