The country’s financial services minister had said its government will ensure banks are accountable for much more.
She suggested mandatory reimbursements implemented here could cover all transfers between banks in Singapore via PayNow and Fast . He added: “There are some views that banks can easily absorb losses arising from individual scam cases. However, full restitution without due consideration of culpability is neither fair nor desirable.”
In May 2023, then minister-in-charge of MAS Tharman Shanmugaratnam said in a written reply to a parliamentary question that the Government aimed to issue the public consultation paper in the third quarter of 2023.
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