Regulatory Alerts2024-10-25
Added · Updated
Circular on Anti-scam Measures by Major Payment Institutions Issuing Personal E-wallets
The Monetary Authority of Singapore mandates that Major Payment Institutions implement specific anti-scam measures before adopting higher regulatory caps for personal e-wallets. These requirements include preventive controls such as 12-hour cooling-off periods for new device logins, default transaction limits, and restrictions on sending clickable links, alongside detective measures like real-time transaction alerts and suspicious activity blocking. The circular further requires robust governance frameworks and remedial channels to ensure consumer protection and effective dispute resolution for scam-related losses.