On 10 April 2019, the Monetary Authority of Singapore (MAS) issued a consultation paper on the Proposed Payment Services Regulations (Consultation Paper). You may read our previous alerts on the features of the version of the Payment Services Bill released for public consultation, and the subsequent updating notes describing the changes after the MAS issued its response to the consultation feedback.
In order to achieve the objectives of the Payment Services Act 2019 (PSA), the MAS intends to prescribe the following three sets of regulations and one order:
- Payment Services Regulations (PS Regulations);
- Payment Services (Exemptions for a limited period of time) Regulations;
- Payment Services (Singapore Dollar Cheque Clearing System and Inter-Bank GIRO System) Regulations; and
- Payment Services (Designated Payment Systems) Order.
This client alert will focus on the PS Regulations, which is intended to be the main regulations for licensees and regulated persons under the PSA. In particular, the PS Regulations will focus on the licence requirements, business conduct requirements, requirements for designated payment system (DPS) entities, as well as exemptions under the PSA.
MAS also plans to publish the proposed Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) notices applicable to licensees in the upcoming weeks.For printable version please click here.