Regulatory Alerts2024-10-25
Added
E-Payments User Protection Guidelines
The Monetary Authority of Singapore issues these guidelines to define the duties of responsible financial institutions and consumers regarding unauthorized and erroneous payment transactions in protected accounts. The document clarifies liability allocations for losses arising from such transactions and establishes the Shared Responsibility Framework for phishing scams. It reflects regulatory expectations aimed at modernizing payment service frameworks and enhancing consumer protection standards in Singapore.