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Regulatory Update

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Frequently Asked Questions on the Payment Services Act

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29 October 2019

In anticipation of the implementation of the Payment Services Act , the Monetary Authority of Singapore on 4 October 2019 released a series of frequently asked questions relating to the PSA. These FAQs were meant to provide guidance on, amongst other things, the licensing and regulation of payment service providers, and oversight of payment systems. This bulletin summarizes the key takeaways from the FAQs.


Regulatory Update

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FATF revises its Guidance for Implementing the Risk-Based Approach for Trust and Company Services Providers

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18 October 2019

The Financial Action Task Force (the "FATF") has issued revised international guidance gearing up for the upcoming round of Mutual Evaluations for FATF members. The Guidance updates a 2009 set of guidelines aimed at Trust and Company Services Providers ("TCSPs") to identify, assess, and understand their money-laundering and terrorism financing risks.

Regulatory Update

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Developments in Singapore's Variable Capital Regime

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24 September 2019

The Monetary Authority of Singapore ("MAS") has issued a consultation paper (“CP”) on two anti-money laundering and countering the financing of terrorism (“AML/CFT”) notices under the new PSA as it gears up to the implementation of the new payment services regime. The new regulatory framework for payment services is intended to provide a more conducive environment for innovation in payment services. Consistent with this intent, the proposed AML/CFT requirements will be similar to the existing ones, while dialing up requirements for certain payment services of perceived higher risk.

Regulatory Update

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MAS releases Consultation Paper on Proposed Notices for Payments Services under the Payments Services Act

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5 August 2019

The Monetary Authority of Singapore ("MAS") has issued a consultation paper (“CP”) on two anti-money laundering and countering the financing of terrorism (“AML/CFT”) notices under the new PSA as it gears up to the implementation of the new payment services regime. The new regulatory framework for payment services is intended to provide a more conducive environment for innovation in payment services. Consistent with this intent, the proposed AML/CFT requirements will be similar to the existing ones, while dialing up requirements for certain payment services of perceived higher risk.
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