Regulatory Alerts2025-06-30
Added
MAS Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services
The Monetary Authority of Singapore issued Notice PSN01 to mandate anti-money laundering and countering the financing of terrorism controls for payment service providers excluding digital payment token service providers. The notice requires these entities to implement robust measures including customer due diligence, risk assessments, suspicious transaction reporting, and internal compliance frameworks to detect illicit fund flows. Recent amendments effective July 2025 update these regulatory requirements under the Payment Services Act framework.
Notices
Last Revised Date: 30 June 2025
Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services
Requirements for payment service providers (other than a digital payment token service provider) on anti-money laundering (AML) and countering the financing of terrorism (CFT)
View Notice
Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services
(421.3 KB)
Payment service providers are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system.
Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction.
The AML/CFT requirements for payment service providers can be found in this notice, which include the following:
Risk assessment and risk mitigation.
Customer due diligence.
Reliance on third parties.
Correspondent accounts and wire transfers.
Record keeping.
Suspicious transaction reporting.
Internal policies, compliance, audit and training.
30 June 2025 MAS Notice PSN01 (Amendment) dated 30 June 2025 (434.1 KB) takes effect from 1 July 2025.
2 April 2024 MAS Notice PSN01 dated 2 April 2024 (381.6 KB) takes effect from 4 April 2024.
2 April 2024 This MAS Notices PSN01, PSN02 (Cancellation) 2024 (112.4 KB) cancels Notice PSN01 (Amendment) 2022 (367 KB) with effect from 4 April 2024.
1 March 2022
Notice PSN01 (Amendment) 2022 (376.6 KB) takes effect.
28 Jun 2021
Notice PSN01 (Amendment) 2021 (666.1 KB) takes effect.
Guidelines for payment service providers on Notice PSN01 for the prevention of money laundering and countering the financing of terrorism
The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. Parliament passed the PS Act...