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MAS imposes AML requirements for exempt payment service providers

PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism – Exempt Payment Service Providers

Notice to exempt payment service providers on the application of anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to the provision of payment services for specified products

This Notice sets out the application of AML/CFT Notices to persons exempt under section 13(1) of the Payment Services Act 2019 (Act 2 of 2019) in relation to the provision of payment services for a specified product that involves account issuance, domestic money transfer and e-money issuance services.

The notice basically lays out what firms are exempt from what requirements. A bank licensed under the Banking Act is exempt from the the requirements of MAS Notice 626, a merchant bank from Notice 1014, a finance company licensed under the Finance Companies Act from Notice 824, and a person licensed to issue credit or charge cards in Singapore is exempt from Notice 626A.

Links:

MAS Notice

Notice to Exempt Payment Service Providers

Categories: Anti-Money Laundering MAS Updates

eric9to5

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