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ARTICLE · 25 JULY 2019

MAS Extends AML/CFT Requirements To Payment Service Providers

Herbert Smith Freehills Kramer LLP
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On 6 June 2019, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on proposed anti-money laundering and countering the financing of terrorism (AML/CFT) requirements

United KingdomGovernment, Public Sector
Natalie Curtis
Natalie Curtis
Kenneth Lo
Kenneth Lo

On 6 June 2019, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on proposed anti-money laundering and countering the financing of terrorism (AML/CFT) requirements which will apply to most payment service providers (PS Providers). Submissions close on 5 July 2019. The relevant AML/CFT requirements are set out in the following Notices (AML/CFT Notices) to be issued by MAS and come after the passing of the Payment Services Act (PS Act) on 14 January 2019 (see our bulletin here):

  1. Notice to Payment Services Providers (Specified Payment Services) on Prevention of Money Laundering and Countering the Financing of Terrorism (applies to all activities that carry money laundering/financing of terrorism (ML/FT) risks except digital payment token (DPT) services); and

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