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Indonesian's hiding money in Singapore in a mild panic

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PNGMK
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Indonesian's hiding money in Singapore in a mild panic

Postby PNGMK » Tue, 20 Sep 2016 11:10 am

In short the IRAS may have questions as well as the Indo tax authorities:

https://www.bloomberg.com/gadfly/articl ... -can-relax
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Barnsley
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Re: Indonesian's hiding money in Singapore in a mild panic

Postby Barnsley » Tue, 20 Sep 2016 11:28 am

I read on a website , I think Business section of Asiaone.com , that Indo money make up 40% of the deposits in Singapore banks or something like that.
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Strong Eagle
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Re: Indonesian's hiding money in Singapore in a mild panic

Postby Strong Eagle » Tue, 20 Sep 2016 11:53 am

Well.... shut my mouth and tan my hide! Grey money in Singapore banks? Whoda thunk it?

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Re: Indonesian's hiding money in Singapore in a mild panic

Postby PNGMK » Tue, 20 Sep 2016 12:13 pm

I don't know how many of the other responder's have noticed this but banks are extremely tight here now on opening accounts and have been very forceful in closing accounts (for firms and societies etc) if the account holders do not respond to updates on identity documents etc.
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Re: RE: Re: Indonesian's hiding money in Singapore in a mild panic

Postby ecureilx » Tue, 20 Sep 2016 1:17 pm

PNGMK wrote:I don't know how many of the other responder's have noticed this but banks are extremely tight here now on opening accounts and have been very forceful in closing accounts (for firms and societies etc) if the account holders do not respond to updates on identity documents etc.


Some nationals are refused accounts by Singapore banks.

HSBC famously told a person to get their UK branch to set up a Premier Vantage account in Singapore - but not possible to do in Singapore itself.

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Re: Indonesian's hiding money in Singapore in a mild panic

Postby PNGMK » Tue, 20 Sep 2016 3:15 pm

It's getting beyond that. For a society bank account I run we were told only resident individuals can be signatories now and we are now required to update their records far more frequently with proof of residency. Secondly we were told that the bank will cancel any signatory if they discover they are non resident (I assume there is some ICA link?). We are seriously considering dropping the none PR / SC signatories off the account.
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Barnsley
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Re: Indonesian's hiding money in Singapore in a mild panic

Postby Barnsley » Tue, 20 Sep 2016 6:04 pm

PNGMK wrote:It's getting beyond that. For a society bank account I run we were told only resident individuals can be signatories now and we are now required to update their records far more frequently with proof of residency. Secondly we were told that the bank will cancel any signatory if they discover they are non resident (I assume there is some ICA link?). We are seriously considering dropping the none PR / SC signatories off the account.


We had to do that for our Dragon Boat Team , have the signatory be at least a PR and home owner.

Otherwise I think we were gonna get the heave-o as well
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