Unregulated 'bank transfer helpers' may soon be out of business

The "bank transfer helpers" advertise on online sites such as Carousell (left), offering to help customers send money overseas for a price.
The "bank transfer helpers" advertise on online sites such as Carousell (above), offering to help customers send money overseas for a price.PHOTO: SCREENGRAB/CAROUSELL

Proposed rules aim to mitigate risks of money laundering and terrorism financing

A growing breed of financial service middlemen 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, offering to help customers send money overseas for a price. A search on Carousell showed at least eight such listings in the past month.

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A version of this article appeared in the print edition of The Straits Times on December 21, 2018, with the headline 'Unregulated 'bank transfer helpers' may soon be out of business'. Print Edition | Subscribe