Regulatory Alerts2024-04-02
Added
MAS Notice PSN07 on Conduct for Payment Service Providers
The Monetary Authority of Singapore issued Notice PSN07 to establish conduct standards for licensees and exempt payment service providers under the Payment Services Act 2019. The regulation mandates the maintenance of detailed transaction records in English for at least five years and requires the issuance of receipts for specified payment services. It further imposes strict timelines for the transmission of money and issuance of e-money, while requiring the prominent display of applicable exchange rates and fees to ensure customer transparency.