Regulatory Alerts2026-07-16
Added · Updated
Guidelines on Audit of Payment Service Providers
Payment service providers must appoint an external auditor annually and submit audited financial statements, an Independent Assurance Report, and a management letter via Form 4 within six months of the financial year end. The audit scope must cover safeguarding of customer monies, accuracy of regulatory reporting, base capital compliance, and remediation of prior findings, with specific end-to-end reviews required for Anti-Money Laundering/Countering the Financing of Terrorism and Technology risks for new licensees or new services one year after commencement. External auditors are mandated to immediately report serious breaches, such as failure to segregate customer funds or significant capital reductions, to the Monetary Authority of Singapore, while licensees retain independent obligations to notify the Authority of such incidents.