The Monetary Authority of Singapore (MAS) has issued a consultation paper for its proposed changes for money services businesses:
- Firms would be prohibited from issuing bearer instruments such as cashier’s checks in any currency
- Firms would be required to disburse funds using non-cash instruments for payouts greater than 20,000 SGD
- Firms would no longer require MAS approval for establishing non face-to-face account relationships, but would need to establish appropriate policies and procedures to address the risks of such relationships. They would also need to have the effectiveness of those policies and procedures assessed by an auditor.
- Firms would be required to perform Customer Due Diligence (CDD) on its FX counterparties
The consultation closes on February 12th.