Regulatory Alerts2024-04-02
Added · Updated
Guidelines to Notice PSN01 on Prevention of Money Laundering and Countering the Financing of Terrorism - Specified Payment Services
These guidelines provide guidance to payment service providers on the requirements of MAS Notice PSN01 regarding the prevention of money laundering and countering the financing of terrorism. The document clarifies definitions, application scopes, and risk-based approaches, including specific exemptions for certain products and services. It outlines obligations for customer due diligence, suspicious transaction reporting, and internal governance structures such as the three lines of defence model. The guidelines also address proliferation financing and specify how providers must assess and mitigate ML/TF risks across their business operations.