The Monetary Authority of Singapore (MAS) has recently proposed amendments to the Payment Services Act (PS Act).
The amendments aim to expand and align its regulation of virtual asset service providers (VASPs) with the revised Financial Action Task Force (FATF) Standards which address money laundering and terrorism financing (ML/TF) risks inherent to VASPs.
Furthermore, the authority (MAS) plans to introduce additional requirements to mitigate the ML/TF and proliferation financing risks arising from certain business models where entities in Singapore broker cross-border money transfer transaction; and further define its powers.
Furthermore, the PS Act aims to supervise and defines the persons conducting Digital Payment Token (DPT) activities and cross-border and domestic money transfer services. Also, the Monetary Authority of Singapore has been empowered to impose additional licence conditions on prescribed DPT service providers, and user protection measures on certain DPT service providers.
The amendments follow MAS’ December 2019 consultation, for which the authority has released its responses to the feedback it received on the consultation.
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