MAS Consults On Proposed Payment Services Notices And Guidelines

On 14 January 2019, the Payment Services Act 2019 ("PS Act"), which will consolidate the existing regimes governing the provision of payment services in Singapore and bring certain unregulated activities into the Monetary Authority of Singapore's ("MAS") regulatory portfolio, was passed by the Singapore Parliament. For more information on the PS Act, please refer to our earlier client update found here.

To effect the objectives of the PS Act, MAS intends to prescribe or issue the following instruments:

(a) regulations and one order under the PS Act;

(b) anti-money laundering and countering the financing of terrorism ("AML/CFT") notices under the MAS Act;

(c) notices under the PS Act;and