The Monetary Authority of Singapore (“MAS”) has published two consultation papers (the “CPs”) on the proposed treatment of cryptocurrency trading in Singapore. These CP cover activities by digital payment token service providers (“DPT SPs”) and stablecoin issuers. The new proposed measures, if adopted, will be incorporated into the Payment Services Act 2019 (the “PSA”). Review our summary here.
Regulatory Update
MAS Regulatory Update: Strengthening AML/CFT Practices for External Asset Managers
The Monetary Authority of Singapore (“MAS”) has published an information paper on “Strengthening AML/CFT Name Screening Practices for External Asset Managers” (the “Paper”). The Paper sets out MAS’ observations of the thematic inspections done on external asset managers (“EAMs”), the good practices observed, and areas where EAMs can improve on. Review our summary here.
The revised guidelines set out the need for Financial Institutions (“FIs”) to take an end-to-end service-centric view in ensuring the continuous delivery of critical business services to their customers. The guidelines supersedes the previous version that was published in June 2003, as well as the circular titled “Further Guidance on BCM” that was issued in January 2006. FIs should meet the new Guidelines and establish a BCM audit plan by 6 June 2023, and conduct the first BCM audit by 6 June 2024. Review our summary here.
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.
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.
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.
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.
