Regulatory Alerts2025-06-30
Added · Updated
MAS Notice PSN01AA: AML/CFT Requirements for Exempted Account Issuance Service Providers
This Notice establishes anti-money laundering and countering the financing of terrorism (AML/CFT) requirements for persons providing account issuance services who are exempted under the Payment Services (Exemption for Specified Period) Regulations 2019. Effective 1 July 2025, it serves as a transitional arrangement, substantially applying the requirements of MAS Notice PSOA-N02 until the exemption ceases. Exempt persons must identify, assess, and mitigate ML/TF risks, perform customer due diligence (CDD) when establishing business relations or for transactions exceeding S$5,000, and continuously monitor business relations. The notice prohibits anonymous accounts and details specific information to be obtained and verified for customers, connected parties, and beneficial owners.