Regulatory Alerts2025-06-30
Added · Updated
MAS Notice PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism - Exempt Payment Service Providers
This Notice exempts specific licensed entities, including banks, merchant banks, finance companies, and credit card issuers, from the requirements of MAS Notices 626, 1014, 824, and 626A, but only to the extent that such requirements relate to the provision of payment services for a specified product. A specified product is defined as a facility offering account issuance, domestic money transfer, and e-money issuance services under the same terms and conditions. Despite this exemption, these exempt persons must continue to comply with MAS Notice PSN01 in relation to the provision of payment services for a specified product. The Notice took effect on 28 January 2020, with amendments effective from 1 July 2021.