Regulatory Alerts2024-04-02
Added · Updated
Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism - Digital Payment Token Service
These guidelines provide guidance to holders of a payment services licence carrying on a digital payment token service on the requirements of MAS Notice apPSN02. They clarify definitions for terms such as connected party, legal arrangement, and custodian wallet service, and outline the three lines of defence model for anti-money laundering and countering the financing of terrorism compliance. The document requires payment service providers to conduct enterprise-wide money laundering and terrorism financing risk assessments and implement risk-based approaches for customer due diligence, suspicious transaction reporting, and internal audits.