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2.3.5 Advertisement of Remittances, Transfers and Foreign Exchange

C 8/2020 STA Effective from 25/12/2020
  1. 2.3.5.1Licensed Financial Institutions that offer remittance, transfer and foreign exchange products and/or services must comply with the requirements in Section 2.3.1 of this Article as applicable, in addition to complying with the requirements of this Section.
  2. 2.3.5.2Licensed Financial Institutions must ensure that advertisement material contains the following warning statement:

Warning: Additional fees may be levied by the correspondent bank/financial institution or entity providing financial services to the beneficiary of remittances.

Warning: Penalties and Fees may be applied if there is a customer error or omission in providing correct or incomplete information for remittances.

  1. 2.3.5.3Licensed Financial Institutions must ensure that where an advertised remittance, transfer and foreign exchange product and/or service is denominated or priced in a foreign currency, or where the value of an advertised remittance, transfer and foreign exchange product and/or service may be directly affected by changes in foreign exchange rates, the advertisement contains the following warning statement:

Warning: This product/service may be affected by changes in foreign currency exchange rates.

  1. 2.3.5.4Where Licensed Financial Institutions advertise an attractive promotional foreign exchange rate, Licensed Financial Institutions must specify the period of applicability and any restrictions/conditions/assumptions associated with the offer.
  2. 2.3.5.5Where the estimated time for completing a remittance is advertised, it must include the following statement:

Warning: The actual time to complete a transaction may differ from estimates due to increased scrutiny of transactions by the correspondent bank/financial institution or entity providing financial services to the beneficiary of remittances.