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.