Using Get4x in Singapore

If you are exchanging more than SGD$5,000, you need to provide an Identity Card or Passport with full name, address, date of birth and nationality. Money changers are tightly supervised by the MAS to ensure that they maintain strong compliance requirements, and heavy penalties are to be dealt if they do so otherwise. Customers can always be assured that they are offered quality services when they engage in any money exchange service in Singapore, as these money changers adhere to the global standards. Under the regulations of the Monetary Authority of Singapore (MAS), money changers are required to go for regular anti-money laundering and counter terrorist financing courses and to put in place robust systems against abuses. In addition, the MAS has instituted the practice of hiring external mystery shoppers to test the robustness of money changers’ Know Your Customer practices. Moreover, they would have to first keep a proper record of their business for legal purpose and they would have to hire a proper auditor to ensure that the auditor does a proper job or re-appoint a new auditor under government instructions.