Regulatory Alerts2025-06-30
Added
MAS Notice PSN01AA on AML/CFT Requirements for Exempted Account Issuance Service Providers
The Monetary Authority of Singapore issued Notice PSN01AA to impose anti-money laundering and countering the financing of terrorism requirements on persons providing account issuance services exempted under the Payment Services (Exemption for Specified Period) Regulations 2019. This transitional arrangement substantially applied the requirements of PSOA-N02 to facilitate the transition of existing stored value facility holders and took effect on 11 February 2021. The notice was subsequently cancelled with effect from 1 July 2025 by a later MAS Notice dated 30 June 2025.
Notices
Last Revised Date: 30 June 2025
PSN01AA Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019
Anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to facilitate the transition of existing stored value facility holders
Anti-Money Laundering
Applies to:
Major Payment Institution
,
Money-changing Licensee
,
Standard Payment Institution
View Notice
PSN01AA Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019
(274.5 KB)
This Notice is a transitional arrangement and is intended to substantially apply the requirements of PSOA-N02 to persons providing account issuance services who are exempted under the Payment Services (Exemption for Specified Period) Regulations 2019 during the transition period. This Notice takes effect on 11 February 2021.
2 Jul 2021 This MAS Notice PSN01AA (Cancellation) Notice dated 30 June 2025 (84.6 KB) cancels MAS Notice PSN01AA on “Prevention of Money Laundering and Countering the Financing of Terrorism – Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019” dated 2 July 2021
with effect from 1 July 2025.
2 Jul 2021
Notice PSN01AA (Amendment) 2021 (525.1 KB) takes effect.
Anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to facilitate the transition of existing stored value facility holders
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...