Unregulated 'bank transfer helpers' popping up online - but new Bill may put stop to them

Calling themselves "bank transfer helpers", they advertise on online sites such as Carousell to help customers send money overseas for a price.
Calling themselves "bank transfer helpers", they advertise on online sites such as Carousell to help customers send money overseas for a price.PHOTO: SCREENGRAB FROM CAROUSELL

SINGAPORE - A growing new breed of financial services middlemen that are operating online may find themselves out of business or running afoul of the law when new rules kick in next year.

Calling themselves "bank transfer helpers", they advertise on online sites such as Carousell to help customers send money overseas for a price. A search on Carousell shows at least eight listings of such services in the past month.

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