The key is where Daveed gets the funds and/or where his account is located. If his account is with the Bank of Singapore in New York, and the funds go to that account, it's not covered by the Remittance Transfers rule. But if his account is "domiciled" in Singapore, and your bank is aware of that fact, that's where he gets the funds, and it's a foreign remittance transfer.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8