With the impending coming-into-force of the Payment Services Act (PSA), the Monetary Authority of Singapore (MAS) recently issued a consultation paper on the new notices to payment services providers on anti-money laundering and countering the financing of terrorism (Consultation Paper).
MAS proposes two new anti-money laundering and countering the financing of terrorism (AML/CFT) notices:
- Notice to Payment Services Providers (Specified Payment Services) on Prevention of Money Laundering and Countering the Financing of Terrorism (PS Notice 01)
- Notice to Payment Services Providers (Digital Payment Token Service) on Prevention of Money Laundering and Countering the Financing of Terrorism (PS Notice 02)
together superseding and updating AML/CFT requirements presently applicable to the stored value facilities and remittance services regulated under the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA), and introducing AML/CFT requirements on some of the newly licensed payment services under the PSA.
As noted in earlier alerts, the payment services currently regulated as payment systems under the PS(O)A and MCRBA, as well as other presently unregulated payment services, will be brought under the licensing regime to be introduced by the PSA (which will repeal the PS(O)A and MCRBA) and its implementing Payment Services Regulations.