Regulatory Alerts2024-04-02
Added · Updated
MAS Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services
This Notice applies to holders of payment services licences and persons exempt under section 13(1) of the Payment Services Act who provide specified payment services or specified products. It mandates the implementation of a risk-based approach to identify, assess, and mitigate money laundering and terrorism financing risks, including requirements for risk assessments of new products and technologies. The document establishes specific customer due diligence obligations, such as prohibiting anonymous accounts and requiring identification of customers and connected parties, with thresholds for transaction values like S$5,000 and S$1,000. Certain products meeting defined criteria are classified as exempted products, relieving providers from complying with several paragraphs of the Notice regarding those specific offerings.