1. What is the customer protection IF the other party do not bank in, bank in wrong amount or bank in late (transferring). Example I buy SGD, and transfer RM.
2. And if in the opposite how? Example I sell SGD and receive RM. What is protection for both side?
3. And does Moneymatch follows BNM AMLA rules? Forex exchange in excess of RM 3k, need to report and provide proof. And also transfer in excess of RM 10k cross border.
4. Does using Moneymatch, and if the other party is transferring illegal money to us, are we liable for money laundering act? If yes, if the person is hauled to court, are we liable as well?
5. Will there be preference rate for large amount transfer? We are talking at least 5 figures. Also is Money match is a BNM legalized forex exchange/money transfer agent?
If case 3 and 4 happens, who will take the responsibility, the person transfer/recieving or money match?
if i were to do a barter trade with a singaporean, does it clash with any laws?
example, i bankin to this fellas MY bank acc, in exchange he bankin the equivalent amount of SGD into my sg bank account.