Regulatory Alerts2024-04-02
Added · Updated
MAS Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service
This Notice applies to holders of a payment services licence providing a digital payment token service and takes effect from 4 April 2024. It requires these providers to identify, assess, and mitigate money laundering and terrorism financing risks through a risk-based approach, including prior assessment of new products and technologies. The document mandates strict customer due diligence measures, such as verifying identities and beneficial owners, while prohibiting the opening of anonymous or fictitious accounts. It also establishes specific obligations for filing suspicious transaction reports and maintaining records of risk assessments.