Reporting of Cross Border Movement of Physical Currency and Bearer Negotiable Instruments

#DidYouKnow: Reporting of Cross Border Movement of Physical Currency and Bearer Negotiable Instruments (CBNI)

ICA officers detected more than S$32,000 worth of currencies under the motorcycle seat compartment when they conducted checks on an Indian national on 13 Jan. The 32-year-old motorcyclist had not made the necessary declaration when he sought entry to Singapore at Tuas checkpoint. He was subsequently referred to Singapore Police Force for further investigation.

Any person who moves CBNI exceeding S$20,000 (the prescribed amount) or its equivalent in a foreign currency, into or out of Singapore is required to submit a report. Any person who receives CBNI exceeding the prescribed amount from outside Singapore is also required to submit a report within five business days upon receipt.