PSN04 Notice on Submission of Regulatory Returns

1 MAS Notice No.: PSN04 Notice to holders of a licence Payment Services Act 2019 (Act 2 of 2019) Issue Date: 5 December 2019 Effective Date: 1 January 2025 [Amended 2 April 2024] NOTICE ON SUBMISSION OF REGULATORY RETURNS Introduction

1. This Notice is issued pursuant to section 102(1) of the Payment Services Act 2019 (“Act”) for the purposes of section 17(1) of the Act, and applies to all holders of a licence. Definitions
2. In this Notice, unless the context otherwise requires – “annual period” means the period beginning from 1st January of any year and ending on 31st December of that year; “approved holder”, “money-changer’s licence” and “remittance licence” have the meanings given by section 121 of the Act; “customer” — (a) in relation to a licensee’s business of providing digital payment token services, has the same meaning as in paragraph 2.1 of MAS Notice PS￾N02; and (b) in relation to a licensee’s business of providing any other payment service, has the same meaning as in paragraph 2.1 of MAS Notice PS-N01; “e-money account issuance service” has the same meaning as in section 6(17) of the Act; “former money-changer’s licence holder” means a person that, immediately before 28 January 2020, was a holder of a money-changer’s licence;

2 “former remittance licence holder” means a person that, immediately before 28 January 2020, was a holder of a remittance licence; “former WASVF holder” means a person that immediately before 28 January 2020, was an approved holder; “half-year period” means any period of 6 months beginning on 1st January or 1st July of any year; 3. The expressions used in this Notice shall, except where defined in this Notice or where the context otherwise requires, have the same meanings as in section 2 of the Act. Forms 4. (a) The forms mentioned in this Notice are those set out in the Appendix. (b) Where any paragraph of this Notice provides for the submission of a document to the Authority, that document must be lodged with the Authority in the relevant form. (c) All forms must be completed in the English language and in accordance with such instructions for completion as may be specified in the forms. Submission Requirements 5. A licensee that carries on a business of providing a payment service referred to in the first column of Table 1 must submit to the Authority the documents mentioned in the second column of Table 1, in respect of any business in that payment service that the licensee has been licensed to carry out, during the reporting period set out in the third column of Table 1, for each such reporting period.

3 Table 1 First column Second column Third column Payment service Required Submission Reporting period Account issuance service (a) Form 1A – Account￾issuance service (monthly submission) (b) Form 1B – Account￾issuance service (semi￾annual submission) (c) Form 1C – E-money account issuance service (annual submission) Monthly Half-year period Annual period Domestic money transfer service (d) Form 2A – Domestic Money Transfer service (monthly submission) (e) Form 2B – Domestic Money Transfer service (semi-annual submission) Monthly Half-year period Cross￾border money transfer service (f) Form 3A – Cross-Border Money Transfer service (monthly submission) (g) Form 3B – Cross-Border Money Transfer service (semi-annual submission) Monthly Half-year period Merchant acquisition service (h) Form 4A – Merchant Acquisition service (monthly submission) Monthly

4 (i) Form 4B – Merchant Acquisition (semi￾annual submission) Half-year period E-money issuance service (j) Form 5 – E-money Issuance service (monthly submission) Monthly Digital payment token service (k) Form 6A – Digital Payment Token service (monthly submission) (l) Form 6B – Digital Payment Token service (semi-annual submission) Monthly Half year period Money￾changing service (m) Form 7 – Money￾Changing service (annual submission) Annual 6. Where a licensee is licensed to carry on a business of providing any of the following payment services as a major payment institution, the licensee must submit a return in Form 8 for every month that it is licensed to provide that service: (a) a domestic money transfer service; (b) a cross-border money transfer service; (c) a merchant acquisition service; (d) an e-money issuance service. 7. A licensee must submit, for each annual period, a return in Form 9. 8. A licensee must, by way of electronic submission on MASNET — (a) submit the documents mentioned in paragraph 5(a), (d), (f), (h), (j), (k), and 6, not later than 30 days after the last day of each month; (b) submit the documents mentioned in paragraph 5(b), (e), (g), (i) and (l), not later than 30 days after the last day of each half-year period; and

5 (c) submit the documents mentioned in paragraph 5(c), (m) and 7, not later than 30 days after the last day of each annual period. 9. A licensee must ensure that the documents mentioned in paragraphs 5, 6 and 7 are approved — (a) where the licensee is a sole proprietor, by the licensee; (b) where the licensee is a partnership or limited liability partnership, by any partner; (c) where the licensee is a corporation, by any executive officer duly authorised by the board of directors of the licensee to approve the documents, or by any director. 10. The licensee must ensure that any monetary amount in any of the forms mentioned in paragraphs 5, 6, and 7 is reported in Singapore dollars. 11. For the purpose of reporting the “total value of payment transactions for the reporting period”, “total value of transactions for the reporting period”, “total value of purchase of foreign currency notes for the reporting period”, and “total value of sale of foreign currency notes for the reporting period” (each known as “total value”) under this Notice— (a) where a licensee charges its customer a separate commission, charge or fee for any transaction, the licensee must report the total value net of such commission, charge or fee; and (b) in all other cases, the licensee must report the total value based on the amount of money the licensee receives for a transaction. 12. For the purpose of reporting the “total value of payment transactions for the reporting period”, “total value of transactions for the reporting period”, “total value of purchase of foreign currency notes for the reporting period”, and “total value of sale of foreign currency notes for the reporting period” (each known as “total value”) under this Notice— (a) where a licensee receives money in foreign currency and the payee receives foreign currency, the licensee must calculate the total value based on the Singapore dollar equivalent of money the licensee received for the payment transaction; (b) where a licensee receives money in foreign currency and the payee receives Singapore currency, the licensee must report the total value based on the amount of Singapore currency the payee receives.

6 (c) where a licensee receives Singapore currency and the payee receives money in foreign currency, the licensee must report the total value based on the amount of Singapore currency the licensee receives for the payment transaction. 13. A licensee that is a— (a) former money-changer’s licence holder need not comply with this Notice in respect of any money-changing service it provides from 28 January 2020 to 31 December 2020; (b) former remittance licence holder need not comply with this Notice in respect of any cross-border money transfer service it provides from 28 January 2020 to 31 December 2020; (c) former WASVF holder need not comply with this Notice in respect of any e-money issuance service it provides from 28 January 2020 to 31 December 2020. 14. For the purposes of paragraphs 5 to 8, where a person is granted a licence or varies its licence to carry on business in providing any payment service after a reporting period has commenced, the first reporting period of that person is as follows: (a) where the reporting period is a month, the first reporting period is from the date on which the licence to provide that payment service is granted, and ending on the last day of the month in which the licence is granted; (b) where the reporting period is a half-year period, the first reporting period is from the date on which the licence to provide that payment service is granted, and ending on 30 June or 31 December of the year in which the licence is granted, whichever is earlier; (c) where the reporting period is an annual period, the first reporting period is from the date the licence to provide that payment service is granted and ending on 31 December of the year in which the licence is granted. Effective Date and Transitional Provisions 15. This Notice shall take effect from 28 January 2020.

7 16. A licensee must comply with the version of MAS Notice PSN04 in force immediately before 1 January 2025 for a reporting period ending on or before 31 December 2024. [MAS Notice PSN04 (Amendment) 2024] Endnotes on History of Amendments

1. MAS Notice PSN04 dated 5 December 2019 with effect from 28 January

(a) MAS Notice PSN04 (Amendment) 2024 with effect from 1 January 2025.

Appendix THE MONETARY AUTHORITY OF SINGAPORE PAYMENT SERVICES ACT 2019 SECTION 17 AND SECTION 102(1) SUBMISSION OF REGULATORY RETURNS ( Name of Licensee ) For the Period ( Start Date ) to ( End Date ) Form 1A – Account issuance service (monthly submission) 1 In relation to e-money account issuance services: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (a) Placement of money in payment accounts issued by the licensee which store e-money (b) Withdrawal of money by customers from payment accounts issued by the licensee which store e-money 2 In relation to account issuance servicesthat are not e-money account issuance services: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (a) Placement of money in payment accounts issued by the licensee which do not store e-money (b) Withdrawal of money by customers from payment accounts issued by the licensee which do not store e-money

9 3 Number of payment accounts or digital payment token accounts (as the case may be) issued by the licensee for the purposes of enabling a payment service provider to provide: Total number of accounts as at the end of the reporting period (a) domestic money transfer services; (b) cross-border money transfer services; (c) merchant acquisition services; (d) e-money issuance services; (e) digital payment token services; (f) money-changing services. [MAS Notice PSN04 (Amendment) 2024] 4 Total number of customers as at the end of the reporting period Number of customers

10 Form 1B – Account-issuance service (semi-annual submission)

1 Total number of customers as at the end of the reporting period Total value of payment transactions in relation to e-money account issuance services for the reporting period Total value of payment transactions in relation to account issuance services that are not e-money account issuance services for the reporting period Total number of payment transactions in relation to account issuance services for the reporting period (a) Higher risk customers who are politically exposed persons, or family members or close associates of politically exposed persons (b) Higher risk customers that do not fall within the scope of sub-paragraph (a) [MAS Notice PSN04 (Amendment) 2024] 2 Total number of customers as at the end of the reporting period (a) Persons resident in Singapore (b) Persons resident outside Singapore [MAS Notice PSN04 (Amendment) 2024]

11 3 Total value of payment transactions in relation to e￾money account issuance services for the reporting period Total number of payment transactions in relation to e￾money account issuance services for the reporting period In relation to e-money account issuance services, payment transactions for the purpose of (a) placement of money in payment products which are exempted under PSN-01; and (b) withdrawal of money by customers from payment products which are exempted under PSN-01, for the reporting period. [MAS Notice PSN04 (Amendment) 2024]

12 Form 1C – E-money account issuance service (annual submission) 1 Total number of customers as at the end of the reporting period Total number of payment accounts as at the end of the reporting period Total value of e-money transferred for the reporting period (a) Number of customers with at least one personal payment account (other than a bearer payment account) that has not been terminated (b) Number of personal payment accounts (other than a bearer payment account) that have been issued and have not been terminated (c) Of the customers in (a) – (i) number of customers, where the total value of e-money drawn from all personal payment accounts issued to the customer, in the period of one year prior to each day in the reporting period, was more than $20,000 but not more than $25,000 (ii) number of customers, where the total value of e-money drawn from all personal payment accounts issued to the customer, in the period of one year prior to each day in the reporting period, was more than $25,000 but not more than $30,000 (d) Of the customers in (a) – (i) number of customers, where the highest amount of e-money that was contained in all personal payment accounts issued to the customer, at any point over the reporting period, was S$1,000 or less

13 (ii) number of customers where the highest amount of e-money that was contained in all personal payment accounts issued to the customer, at any point over the reporting period, was more than S$4,000 but not more than S$5,000 (e) Of the customers in (a), number of customers who transferred any e-money to an overseas personal deposit account in the name of the customer, and total value of e-money transferred over the reporting period to any overseas personal deposit account in the name of the customer

14 Instructions for completion of Forms 1A, 1B and 1C

1. For the purposes of calculating any Singapore dollar equivalent of the “Total value of payment transactions for the reporting period” in paragraph 1 of Form 1A, the “Total value of payment transactions in relation to e-money account issuance services for the reporting period” in paragraphs 1 and 3 of Form 1B, and the “Total value of e￾money transferred for the reporting period” in Form 1C, the licensee must, on a daily basis— (a) where the issuer of the e-money is a major payment institution or exempt payment service provider, apply the applicable daily exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the issuer; or (b) where the exchange rate mentioned in sub-paragraph (a) is not available, apply the applicable daily exchange rate that has been published by any bank in Singapore. [MAS Notice PSN04 (Amendment) 2024]
2. For the purpose of calculating any Singapore dollar equivalent of the “Total value of payment transactions for the reporting period” in paragraph 2 of Form 1A, and the “Total value of payment transactions in relation to account issuance services that are not e-money account issuance services for the reporting period” in paragraph 1 of Form 1B, the licensee must, on a per payment transaction basis— (a) apply the exchange rate offered by the licensee to the customer for that payment transaction; (b) where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution, apply the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution under section 23 of the Act, on the date the payment transaction is entered into; or (c) where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub-paragraph (b) is not available, apply the applicable exchange rate that has been published by any bank in Singapore on the date the payment transaction is entered into. [MAS Notice PSN04 (Amendment) 2024]
3. “Withdrawal” or “withdrawn” in paragraph 1(b) and 2(b) of Form 1A, paragraph 3 of Form 1B and paragraphs 13 and 14 of the “Instructions for completion of Forms 1A, 1B, and 1C” refers to any payment transaction that results in a reduction in the amount of money or e-money in a payment account. [MAS Notice PSN04 (Amendment) 2024]

15 4. For the purpose of reporting the “number of customers” in paragraph 4 of Form 1A and the “total number of customers as at the end of the reporting period” in paragraphs 1 and 2 of Form 1B where a licensee issues two or more payment accounts or digital payment accounts (as the case may be) that have the same unique identifier, the licensee must treat all such payment accounts or digital payment accounts (as the case may be) as belonging to one customer. In this paragraph, “unique identifier” has the same meaning as that in section 2 of the Act. [MAS Notice PSN04 (Amendment) 2024] 5. “Higher risk customers” in paragraph 1 of Form 1B refers to, in respect of customers whom the payment service provider provides a digital payment token service to, customers that are determined by the payment service provider from its implementation of appropriate internal risk management systems, policies, procedures and controls in accordance with paragraph 8.5 of MAS Notice PS-N02 to present a higher risk for money laundering or terrorism financing, including but not limited to customers described in paragraph 8.6 of MAS Notice PS-N02 and a “politically exposed person”, or a “family member” or “close associate” of a “politically exposed person”. [MAS Notice PSN04 (Amendment) 2024] 5A. A “politically exposed person”, “family member” or “close associate” in paragraph 1(a) of Form 1B and paragraph 5 of Instructions for Completion of Forms 1A, 1B and 1C, are respectively defined in paragraph 8.1 of PS-N02. [MAS Notice PSN04 (Amendment) 2024] 6. “Higher risk customers” in paragraph 1 of Form 1B refers to, in respect of customers whom the payment service provider provides either an account issuance service, a domestic money transfer service, a cross-border money transfer service, or a money-changing service to, customers that are determined by the payment service provider from its implementation of appropriate internal risk management systems, policies, procedures and controlsin accordance with paragraph 9.6 of PS-N01 to present a higher risk for money laundering or terrorism financing, including but not limited to customers described in paragraph 9.7 of MAS Notice PS-N01 and a “politically exposed person”, or a “family member” or “close associate” of a “politically exposed person”. [MAS Notice PSN04 (Amendment) 2024] 6A. A “politically exposed person”, “family member” or “close associate” in paragraph 1(a) of Form 1B and paragraph 6 of Instructions for Completion of Forms 1A, 1B and 1C, are respectively defined in paragraph 9.1 of PS-N01. [MAS Notice PSN04 (Amendment) 2024]

16 6B. Notwithstanding paragraphs 5 and 6 of the Instructions for completion of Forms 1A, 1B and 1C, where the payment service provider provides to a customer: (a) digital payment token service; and (b) either an account issuance service, a domestic transfer service, a cross￾border money transfer service, or a money-changing service; the customer shall be regarded as a “higher risk customer” for the purposes of paragraph 1 of Form 1B, so long as the customer is determined by the payment service provider to present a higher risk for money laundering or terrorism, under either paragraph 5 or 6 of the Instructions for Completion of Forms 1A, 1B or 1C. [MAS Notice PSN04 (Amendment) 2024] 7. A holder of money changing licence and a standard payment institution do not need to submit Form 1C. A major payment institution must submit Form 1C. Under Form 1C, a major payment institution must only submit information relating to e-money account issuance services. If a major payment institution has not provided any e-money account issuance service, the major payment institution must submit a nil return. [MAS Notice PSN04 (Amendment) 2024] 8. “Bearer payment account”, “personal payment account” and “personal deposit account” in Form 1C have the same meanings as that in section 24(5) of the Act. 9. “Overseas personal deposit account” in Form 1C has the same meaning as Regulation 33(5) of the Payment Services Regulations. 10. For the purposes of computing the total value of e-money drawn as referred to in paragraph 1(c) of Form 1C, and hence determining the total number of customers, a licensee must include all payment transactions that result in a reduction in the amount of e-money in a payment account but exclude— (a) all transfers to a personal deposit account that is either in the name of or designated by the customer; (b) all transfers to an overseas personal deposit account that is in the name of the customer; (c) all transfers that the licensee may exclude under section 24(3)(b); and (d) all other transfers that the licensee is exempted from including for the purpose of computing whether— (i) the total currency equivalent of the e-money transferred in any period of one year, from a personal payment account issued by the licensee to the customer does not exceed the prescribed amount mentioned in section 24(1)(b) or its equivalent in a foreign currency; and

17 (ii) the total currency equivalent of the e-money transferred in any period of one year, from all personal payment accounts issued by the licensee to the customer does not exceed the prescribed amount mentioned in section 24(1)(c)(ii), or its equivalent in a foreign currency. 11. For the purposes of reporting on “persons resident in Singapore” in paragraph 2(a) of Form 1B and “persons resident outside Singapore” in paragraph 2(b) of Form 1B: (a) a person is resident in Singapore if the payment service provider has determined that the person is resident in Singapore based on evidence of the person’s actual residency in Singapore including the person’s Singapore residential address, Singapore phone number, Singapore business registration or incorporation in Singapore; (b) a person is resident outside Singapore if the payment service provider has determined that the person is resident outside Singapore based on – (i) evidence of the person’s actual residency outside Singapore including the person’s residential address outside Singapore, overseas phone number, business registration or place of incorporation outside Singapore; or (ii) a lack of evidence of the person’s actual residency in Singapore. [MAS Notice PSN04 (Amendment) 2024] 12. “Payment products that are exempted under PS-N01” under paragraph 3 of Form 1B refers to products mentioned in paragraph (a) of the definition of “exempted product” in paragraph 2.1 of MAS Notice PS-N01. [MAS Notice PSN04 (Amendment) 2024] 13. For the purpose of reporting the “Total value of payment transactions in relation to e-money account issuance services for the reporting period” in paragraphs 1 and 3 of Form 1B, the licensee must report the sum of the value of -- (a) e-money placed in payment accounts issued by the licensee which store e￾money; and (b) e-money withdrawn by customers from payment accounts issued by the licensee which store e-money. [MAS Notice PSN04 (Amendment) 2024]

18 14. For the purpose of reporting the “Total value of payment transactions in relation to account issuance services that are not e-money account issuance services for the reporting period” in paragraph 1 of Form 1B, the licensee must report the sum of— (a) money placed in payment accounts issued by the licensee which do not store e-money; and (b) money withdrawn by customers from payment accounts issued by the licensee which do not store e-money. [MAS Notice PSN04 (Amendment) 2024] 15. For the purpose of reporting the “Total number of payment transactions in relation to account issuance services for the reporting period” in paragraph 1 of Form 1B, the licensee must report the sum of – (a) the number of payment transactions giving rise to the value reported in the “Total value of payment transactions in relation to e-money account issuance services for the reporting period"; and (b) the number of payment transactions giving rise to the value of the “Total value of payment transactions in relation to account issuance services that are not e-money account issuance services for the reporting period”, in paragraph 1 of Form 1B. [MAS Notice PSN04 (Amendment) 2024]

19 Form 2A – Domestic Money Transfer service (monthly submission) 1 Payment transactions accepted, processed or executed, for the month, for the purposes of domestic money transfer services. Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period

20 Form 2B – Domestic Money Transfer service (semi-annual submission) Moneys accepted for the purpose of conducting domestic money transfers: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period 1 From persons resident in Singapore who are: (a) Natural persons (b) other persons (includes any company or association or body of persons, corporate or unincorporated) 2 From persons resident outside Singapore who are: (a) Natural persons (b) other persons (includes any company or association or body of persons, corporate or unincorporated) 3 In relation to domestic money transfer services provided by the licensee, payment transactions that the licensee executes or arranges the execution of, on behalf of: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (a) higher risk customers who are politically exposed persons, or family members or close associates of politically exposed persons (b) higher risk customers who are customers that do not fall within the scope of sub-paragraph (a) [MAS Notice PSN04 (Amendment) 2024]

21 4 Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period In relation to domestic money transfer services provided by the licensee, payment transactions accepted, processed, or executed, for the reporting period, for the purpose of providing domestic money transfer services that are payment products that are exempted under PS-N01. [MAS Notice PSN04 (Amendment) 2024]

22 Instructions for completion of Forms 2A and 2B

1. For the purposes of calculating any Singapore dollar equivalent of the “Total value of payment transactions for the reporting period” in paragraph 1 of Form 2A and paragraphs 1, 2, 3, and 4 of Form 2B, the licensee must on a per payment transaction basis— (a) apply the exchange rate offered by the licensee to the customer for that payment transaction; (b) where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution, apply the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution under section 23 of the Act, on the date the payment transaction is entered into; or (c) where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub-paragraph (b) is not available, apply the applicable exchange rate that has been published by any bank in Singapore on the date the payment transaction is entered into. [MAS Notice PSN04 (Amendment) 2024]
2. For the purposes of reporting on “persons resident in Singapore” in paragraph 1 of Form 2B and “persons resident outside Singapore” in paragraph 2 of Form 2B: (a) a person is resident in Singapore if the payment service provider has determined that the person is resident in Singapore based on evidence of the person’s actual residency in Singapore including the person’s Singapore residential address, Singapore phone number, Singapore business registration or incorporation in Singapore; (b) a person is resident outside Singapore if the payment service provider has determined that the person is resident outside Singapore based on – (i) evidence of the person’s actual residency outside Singapore including the person’s residential address outside Singapore, overseas phone number, business registration or place of incorporation outside Singapore; or (ii) a lack of evidence of the person’s actual residency in Singapore. [MAS Notice PSN04 (Amendment) 2024]

23 3. “Higher risk customers” in paragraph 3 of Form 2B refers to customers that are determined by the payment service provider from its implementation of appropriate internal risk management systems, policies, procedures and controls in accordance with paragraph 9.6 of PS-N01 to present a higher risk for money laundering or terrorism financing, including but not limited to customers described in paragraphs 9.7 of MAS Notice PS-N01 and a “politically exposed person”, or a “family member” or “close associate” of a “politically exposed person”. [MAS Notice PSN04 (Amendment) 2024] 3A. A “politically exposed person”, “family member” or “close associate” in paragraph 3(a) of Form 2B [and paragraph 3 of the Instructions for Completion of Forms 2A and 2B], are respectively defined in paragraph 9.1 of PS-N01. [MAS Notice PSN04 (Amendment) 2024] 4. For the purpose of reporting the “Moneys accepted for the purpose of conducting domestic money transfers” in paragraph 1 and 2 of Form 2B, a licensee must exclude payment transactions executed by way of exempted products offered by a licensee. In this paragraph, “exempted product” has the same meaning as in paragraph 2.1 of MAS Notice PS-N01. 5. “Payment products that are exempted under PS-N01” under paragraph 4 of Form 2B refers to products mentioned in paragraph (b) of the definition of “exempted product” in paragraph 2.1 of MAS Notice PS-N01. [MAS Notice PSN04 (Amendment) 2024]

24 Form 3A – Cross-Border Money Transfer service (monthly submission) 1 Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Payment transactions accepted, processed or executed, for the purpose of providing any cross￾border money transfer service of accepting money in Singapore, whether as principal or agent, for the purpose of transmitting, or arranging for the transmission of, the money to any person outside Singapore (other than any such service that the Authority may prescribe for the purposes of paragraph (a) of the definition of “cross-border money transfer service”) (“outward cross-border money transfer services”) 2 Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Payment transactions accepted, processed or executed, for the purpose of providing any cross￾border money transfer service of receiving any money from outside Singapore for, or arranging for the receipt of any money from outside Singapore by, any person in Singapore (other than any such service that the Authority may prescribe for the purposes of paragraph (b) of the definition of “cross-border money transfer service”), whether as principal or as agent (“inward cross-border money transfer services”)

25 3 Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Payment transactions accepted, processed or executed, for the purpose of providing any cross￾border money transfer service of arranging for the transmission of money from any country or territory to another country or territory, whether as principal or agent (other than any such service that the Authority may prescribe for the purposes of paragraph (c) of the definition of “cross-border money transfer service”) (“brokering cross-border money transfer services”) [MAS Notice PSN04 (Amendment) 2024]

26 Form 3B – Cross-Border Money Transfer service (semi-annual submission) In respect of outward cross-border money transfer services, please provide the total value of payment transactions executed and total number of payment transactions where money was accepted from the following— Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period 1 Persons resident in Singapore (a) that are financial institutions (b) that are not financial institutions: (i) natural persons (ii) other persons (includes any company or association or body of persons, corporate or unincorporated) 2 Persons resident outside Singapore (a) that are financial institutions (b) that are not financial institutions: (i) natural persons (ii) other persons (includes any company or association or body of persons, corporate or unincorporated) In respect of inward cross-border money transfer services, please provide the total value of payment transactions executed and total number of payment transactions, where money was accepted from the following: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period 3 Persons resident in Singapore (a) that are financial institutions (b) that are not financial institutions: (i) natural persons

27 (ii) other persons (includes any company or association or body of persons, corporate or unincorporated) 4 Persons resident outside Singapore (a) that are financial institutions (b) that are not financial institutions: (i) natural persons (ii) other persons (includes any company or association or body of persons, corporate or unincorporated) 5 In respect of brokering cross-border money transfer services, please provide the total value of payment transactions executed and total number of payment transactions, where money was accepted from the following: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Persons that are: (a) financial institutions (b) not financial institutions: (i) natural persons (ii) other persons (includes any company or association or body of persons, corporate or unincorporated) [MAS Notice PSN04 (Amendment) 2023]

28 6 In respect of outward cross-border money transfer services, please provide the total value of payment transactions executed, total number of payment transactions, and name of entity (if applicable), where money was transmitted by the licensee through: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Name of entity (a) a bank, a foreign-incorporated bank which does not hold a licence under section 7 of the Banking Act, or any exempt payment service provider (b) Other financial institutions outside Singapore (c) Other licensees (d) Others (please specify) [MAS Notice PSN04 (Amendment) 2024] 7 In respect of inward cross-border money transfer services, please provide the total value of payment transactions executed, total number of payment transactions, and name of entity (if applicable), where money was transmitted by the licensee through: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Name of entity (a) a bank, a foreign-incorporated bank which does not hold a licence under section 7 of the Banking Act, or any exempt payment service provider (b) Other financial institutions outside Singapore (c) Other licensees (d) Others (please specify) [MAS Notice PSN04 (Amendment) 2024] 8 In respect of brokering cross-border money transfer services, please provide the total value of payment transactions executed, total number of payment transactions, and name of entity (if applicable), where money was transmitted from a country or territory to another country or territory through: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Name of entity (a) a bank, a foreign-incorporated bank which does not hold a licence under section 7 of the

29 Banking Act, or any exempt payment service provider (b) financial institutions outside Singapore that do not fall within the scope of sub-paragraph (a) (c) others (please specify) [MAS Notice PSN04 (Amendment) 2024] 9 In respect of outward cross-border money transfer services, please provide the total value of payment transactions executed, and total number of payment transactions, where the licensee accepts money: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (a) from identifiable sources (b) from cash sources (c) from sources other than those mentioned in sub-paragraphs (a) and (b) above [MAS Notice PSN04 (Amendment) 2024] 10 Please provide the top 10 countries / jurisdictions that— Beneficiary country / jurisdiction Total value of payment transactions for the reporting period (a) money is transmitted to, in respect of outward cross-border money transfer services 1 2 … 10

30 Beneficiary country / jurisdiction Total value of payment transactions for the reporting period (b) money is transmitted from, in respect of inward cross-border money transfer services 1 2 … 10 Beneficiary country / jurisdiction Total value of payment transactions for the reporting period (c) money is transmitted from, in respect of brokering cross￾border money transfer services 1 2 … 10 Beneficiary country / jurisdiction Total value of payment transactions for the reporting period (d) money is transmitted to, in respect of brokering cross￾border money transfer services 1 2 … 10 [MAS Notice PSN04 (Amendment) 2024] 11 In relation to cross-border money transfer services provided by the licensee, payment transactions that the licensee executes or arranges the execution of, on behalf of: Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (a) higher risk customers who are politically exposed persons, or family members or close associates of politically exposed persons

31 (b) higher risk customers who are customers that do not fall within the scope of sub-paragraph (a) [MAS Notice PSN04 (Amendment) 2024] 12 Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (a) In respect of outward cross-border money transfer services, money sent to higher risk countries / jurisdictions (b) In respect of inward cross-border money transfer services, money received from higher risk countries / jurisdictions (c) In respect of brokering cross-border money transfer services, money arranged to be transmitted to, or received from, higher risk countries / jurisdictions [MAS Notice PSN04 (Amendment) 2024]

32 13 In respect of inward cross-border money transfer services, please provide the total value of payment transactions executed, total number of payment transactions, and method of transmission (if applicable), where the payee receives the moneys by — Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Method of transmission (a) Deposit into payee’s bank account (b) Delivery of cash / cash cheque to payee (c) Others (please specify) [MAS Notice PSN04 (Amendment) 2024] 14 Name of overseas agent(s) Country / jurisdictions of overseas agent(s) (a) Overseas agent(s) used for cross-border money transfers (not regulated for AML / CFT) 1 2 3 … For each overseas agent listed in 14(a): Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period (b) Payment transactions accepted, processed or executed by each overseas agent 1 2 3 … [MAS Notice PSN04 (Amendment) 2024]

33 15 Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period In relation to cross-border money transfer services provided by the licensee, payment transactions accepted, processed, or executed, for the reporting period, for the purpose of providing a cross-border money transfer service that is a payment product exempted under PS￾N01. [MAS Notice PSN04 (Amendment) 2024]

34 Instructions for completion of Forms 3A and 3B

1. For the purposes of calculating any Singapore dollar equivalent of the “Total value of payment transactions for the reporting period” in paragraphs 1, 2, and 3 of Form 3A and paragraphs 1 to 15 of Form 3B, the licensee must on a per payment transaction basis— (a) apply the exchange rate offered by the licensee to the customer for that payment transaction; (b) where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution, apply the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution under section 23 of the Act, on the date the payment transaction is entered into; or (c) where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub-paragraph (b) is not available, apply the applicable exchange rate that has been published by any bank in Singapore on the date the payment transaction is entered into. [MAS Notice PSN04 (Amendment) 2024]
2. For the purposes of reporting on “persons resident in Singapore” in paragraph 1 and 3 of Form 3B, and “persons resident outside Singapore” in paragraph 2 and 4 of Form 3B: (a) a person is resident in Singapore if the payment service provider has determined that the person is resident in Singapore based on evidence of the person’s actual residency in Singapore including the person’s Singapore residential address, Singapore phone number, Singapore business registration or incorporation in Singapore; (b) a person is resident outside Singapore if the payment service provider has determined that the person is resident outside Singapore based on – (i) evidence of the person’s actual residency outside Singapore including the person’s residential address outside Singapore, overseas phone number, business registration or place of incorporation outside Singapore; or (ii) a lack of evidence of the person’s actual residency in Singapore. [MAS Notice PSN04 (Amendment) 2024]
3. “Financial institution” in paragraphs 1(a), 1(b), 3(a) and 3(b) of Form 3B has the meaning given by paragraph (a) of the definition of “financial institution” in Part 3 of the First Schedule of the Act.

35 4. “Financial institution” in paragraphs 2(a), 2(b), 4(a), 4(b), 6(b), 7(b), and 8(b) of Form 3B has the meaning given by paragraph (b) of the definition of “financial institution” in Part 3 of the First Schedule of the Act. [MAS Notice PSN04 (Amendment) 2024] 4A. “Financial institution” in paragraphs 5(a) and 5(b) of Form 3B has the meaning given by the definition of “financial institution” in Part 3 of the First Schedule of the Act. [MAS Notice PSN04 (Amendment) 2024] 5. For the purposes of paragraphs 6(d), 7(d), and 8(c) of Form 3B, a licensee must report the name of each entity, and the corresponding total value of payment transactions for the period and total number of payment transactions for the period through the named entity. [MAS Notice PSN04 (Amendment) 2024] 5A. “Identifiable source” in paragraph 9(a) of Form 3B has the same meaning as in Regulation 28(7) of the Payment Services Regulations 2019. [MAS Notice PSN04 (Amendment) 2024] 6. “Higher risk customers” in paragraph 11 of Form 3B refers to customers that are determined by the payment service provider from its implementation of appropriate internal risk management systems, policies, procedures and controls in accordance with paragraph 9.6 of PS-N01 to present a higher risk for money laundering or terrorism financing, including but not limited to customers described in paragraphs 9.7 of MAS Notice PS-N01 and a “politically exposed person”, or a “family member” or “close associate” of a “politically exposed person” [MAS Notice PSN04 (Amendment) 2024] 6A. A “politically exposed person”, “family member” or “close associate” in paragraph 11(a) of Form 3B [and paragraph 6 of the Instructions for completion of Forms 3A and 3B,] are respectively defined in paragraph 9.1 of PS-N01. [MAS Notice PSN04 (Amendment) 2024] 7. For the purpose of reporting the “total value of payment transactions executed and total number of payment transactions” in paragraph 1, 2, 3, 4, and 5 of Form 3B, a licensee must exclude payment transactions executed by way of exempted products offered by a licensee. In this paragraph, “exempted product” has the same meaning as in paragraph 2.1 of MAS Notice PS-N01. [MAS Notice PSN04 (Amendment) 2024]

36 8. For the purpose of paragraph 13(c) of Form 3B, a licensee must report each method of transmission used, and the corresponding total value of payment transactions for the period and total number of payment transactions for the period through each method of transmission. [MAS Notice PSN04 (Amendment) 2024] 9. “Overseas agent(s) for cross-border money transfers (not regulated for AML/CFT)” in paragraphs 14(a) and 14(b) of Form 3B refers to any person that contracts with or is under the direction of the licensee to assist in the provision of cross-border money transfer service, and that is incorporated or established outside Singapore and is not subject to, or not supervised for compliance with, AML/CFT requirements consistent with standards set by the FATF. In this paragraph, “AML/CFT” and “FATF” have the same meaning as in paragraph 2.1 of MAS Notice PS-N01. [MAS Notice PSN04 (Amendment) 2024] 10. “Higher risk countries / “jurisdictions” in paragraph 12 of Form 3B refers to countries or jurisdictions that are determined by the payment service provider in the course of its implementation of appropriate internal risk management systems, policies, procedures, and controls as required by paragraph 9.6 of MAS Notice PS-N01 to present a higher risk for money laundering or terrorism financing. [MAS Notice PSN04 (Amendment) 2024] 11. A “payment product exempted under PS-N01” in paragraph 15 of Form 3B refers to a product mentioned in paragraph (c) of the definition of “exempted product” in paragraph 2.1 of MAS Notice PS-N01. [MAS Notice PSN04 (Amendment) 2024]

37 Form 4A – Merchant Acquisition service (monthly submission) 1 Merchant acquisition payment transactions Total value of payment transactions for the reporting period Total number of payment transactions for the reporting period Payment transactions accepted and processed for: (a) Merchants that are carrying on business in Singapore, or that are incorporated, formed, or registered in Singapore (b) Merchants that are not carrying on business in Singapore, and that are not incorporated, formed, or registered in Singapore

38 Form 4B – Merchant Acquisition service (semi-annual submission) 1 Please state the total number of point-of-sale (“POS”) terminals you have provided that are: Number of POS terminals as at the end of the reporting period (a) EFTPOS terminals (b) Contactless terminals 2 Total number of merchants for which payment transactions have been accepted or processed, where: Total number of merchants (a) the merchants are carrying on business in Singapore, or are incorporated, formed, or registered in Singapore (b) The merchants are (i) not carrying on business in Singapore; and (ii) are not incorporated, formed, or registered in Singapore 3 List the top 10 merchants by total number of payment transactions that have been accepted or processed, where the merchants are carrying on business in Singapore, or are incorporated, formed or registered in Singapore. Name of Merchant Unique entity number or other equivalent identification number 1. 2. … 9. 10.

39 Instructions for completion of Forms 4A and 4B

1. For the purpose of calculating any Singapore dollar equivalent of the “Total value of payment transactions for the reporting period” in paragraph 1 of Form 4A, the licensee must on a per payment transaction basis— (a) apply the exchange rate offered by the licensee to the customer for that payment transaction; (b) where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution, apply the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution under section 23 of the Act, on the date the payment transaction is entered into; or (c) where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub-paragraph (b) is not available, apply the applicable exchange rate that has been published by any bank in Singapore on the date the payment transaction is entered into.
2. “EFTPOS terminals” in paragraph 1(a) of Form 4B refers to any POS terminal that can capture payment information electronically and includes an unattended terminal such as a vending machine. [MAS Notice PSN04 (Amendment) 2024]
3. “Contactless terminals” in paragraph 1(b) of Form 4B is a subset of EFTPOS terminals and refers to any terminal that— (a) uses technology that allows for the transmission of payment information that can be stored on a chip, plastic card or other physical device, from the chip, plastic card or other physical device to the terminal at the point of sale; and (b) can transmit the payment information referred to in paragraph (a) without any physical contact between the chip, plastic card or other physical device and the terminal, and includes terminals that use near field communication Bluetooth low energy, or QR codes. [MAS Notice PSN04 (Amendment) 2024]
4. For the purpose of reporting the “Unique entity number or other equivalent identification number” of any merchant that carries on business in Singapore or is incorporated, formed or registered in Singapore in paragraph 3 of Form 4B, a licensee must report the ACRA-registered UEN of the merchant.

40 Form 5 – E-money Issuance service (monthly submission) 2 Total balance of e￾money issued Total balance of e-money issued as at end of reporting period [MAS Notice PSN04 (Amendment) 2024] 1 All specified e-moneys Average value of specified e-money issued for the reporting period Average, over the month, of the total value of specified e￾moneys issued in one day

41 Instructions for completion of Form 5

1. For the purposes of calculating any Singapore dollar equivalent of the “Average value of specified e-money issued for the reporting period” in paragraph 1 of Form 5, the licensee must on a daily basis, apply the applicable daily exchange rate that has been published by any bank in Singapore.
2. For the purposes of reporting the “Average value of specified e-money issued for the reporting period” in paragraph 1 of Form 5, the licensee must report the result obtained by taking the sum of the total value of specified e-moneys issued for every day of the month, divided by the total number of days in the month. [MAS Notice PSN04 (Amendment) 2024]
3. For the purposes of calculating any Singapore dollar equivalent of the “Total balance of e-money issued” in paragraph 2 of Form 5, the licensee must apply the applicable daily exchange rate that has been published by any bank in Singapore on the last day of the reporting period. [MAS Notice PSN04 (Amendment) 2024]
4. For the purposes of calculating the “Total balance of e-money issued as at end of reporting period” in paragraph 2 of Form 5 above, the licensee must take the total value of e-money that it has issued to payment service users at the end of the reporting period, less the total value of e-money spent by or returned to payment service user at the end of the reporting period. [MAS Notice PSN04 (Amendment) 2024]

42 Form 6A – Digital Payment Token service (monthly submission) 1 Total value of transactions, total number of transactions executed, and total value of digital payment tokens held for safeguarding and administration, where applicable, where digital payment token services were provided and — Total value of transactions for the reporting period Total number of transactions for the reporting period Total value of digital payment tokens held for safeguarding or administration as at end of reporting period (a) digital payment tokens were bought in exchange for money (b) digital payment tokens were sold in exchange for money (c) digital payment tokens were exchanged for another digital payment token (d) digital payment tokens were accepted from one digital payment token account for the purposes of transmitting, or arranging for the transmission of, the digital payment tokens to another digital payment token account (e) transmission of digital payment tokens was arranged, from one digital payment token account to another digital payment token account (f) any inducing or attempt to induce any person to enter into or to offer to enter into any agreement for or with a view to buying or selling any digital payment tokens in exchange for any money or any other digital payment token (whether of the same or a different type), was conducted (g) digital payment tokens were held for safeguarding, where the licensee has either control over the digital payment tokens, or where the licensee has control over one or more digital payment tokens associated with the digital payment token instrument

43 (h) instructions relating to a digital payment token, or relating to one or more digital payment tokens associated with a digital payment token instrument, were carried out for a customer, where the licensee has either control over the digital payment tokens or digital payment token instrument, respectively [MAS Notice PSN04 (Amendment) 2024]

44 Form 6B – Digital Payment Token service (semi-annual submission) 1 Total value of transactions and total number of transactions executed where digital payment token services were provided for the purpose of — Total value of transactions for the reporting period Total number of transactions for the reporting period Total value of digital payment tokens held for safeguarding or administration as at end of reporting period (a) Dealing in digital payment tokens – (i) digital payment tokens were bought in exchange for money (ii) digital payment tokens were sold in exchange for money (iii) digital payment tokens were exchanged for other digital payment tokens (b) Facilitating the exchange of digital payment tokens, where the licensee comes into possession of digital payment tokens or money, and – (i) digital payment tokens were bought in exchange for money (ii) digital payment tokens were sold in exchange for money (iii) digital payment tokens were exchanged for other digital payment tokens

45 (c) Inducing or attempting to induce a person to enter into or to offer to enter into any agreement for or with a view to buying or selling any digital payment token (whether of the same or a different type), where the licensee does not come into possession of digital payment tokens or money, and – (i) digital payment tokens were exchanged for money (ii) digital payment tokens were exchanged for other digital payment tokens (d) providing the services mentioned in paragraphs (f) or (h) of the definition of “digital payment token services” – (i) Placement of digital payment tokens or digital payment token instruments for safeguarding (ii) Withdrawal of any or all digital payment tokens or digital payment token instruments from safeguarding (e) providing the services mentioned in paragraphs (g) or (i) of the definition of “digital payment token services” [MAS Notice PSN04 (Amendment) 2024]

46 2 Total value of transactions and total number of transactions on behalf of customers where digital payment token services referred to in paragraphs (c) or (d) of the definition of “digital payment token service” were provided for the purpose of — Total value of transactions for the reporting period Total number of transactions for the reporting period (a) Transmission of digital payment tokens from one digital payment token account to another digital payment token account, controlled by the same digital payment token service provider (b) Sending of digital payment tokens from one digital payment token account to another digital payment token account that is: (i) controlled by another digital payment token service provider that is subject to or supervised by a regulatory authority for compliance with AML/CFT requirements; (ii) controlled by another digital payment token service provider that is neither subject to nor supervised by an authority for compliance with AML/CFT requirements; (iii) not controlled by any digital payment token service provider. (c) Receipt of digital payment tokens from a digital payment token account that is: (i) controlled by another digital payment token service provider that is subject to or supervised by a regulatory authority for compliance with AML/CFT requirements;

47 (ii) controlled by another digital payment token service provider that is neither subject to nor supervised by an authority for compliance with AML/CFT requirements; (iii) not controlled by any digital payment token service provider. [MAS Notice PSN04 (Amendment) 2024] 3 Types of accounts maintained for the purposes of providing digital payment token services as at the end of the reporting period Total number of accounts at the end of the reporting period Total number of customers at the end of the reporting period Total value of transactions executed from, by way of or through these accounts for the reporting period Total number of transactions executed from, by way of or through these accounts for the reporting period (a) Accounts issued to persons resident in Singapore, for the purposes of providing digital payment token services, who are – (i) Individuals (ii) Non-individuals (b) Accounts issued to persons resident outside Singapore, for the purposes of providing digital payment token services, who are – (i) Individuals (ii) Non-individuals

48 (c) Accounts that are issued where there is no face-to￾face contact with the customer at the point of issuing the account, for the purposes of providing digital payment token services [MAS Notice PSN04 (Amendment) 2024] 4 (a) If you maintain digital payment token accounts for the following persons resident in Singapore, please indicate the average, over the half-year period, in one month, of the value of such tokens held in any one account, after subtracting the bottom 10% and top 10% of accounts by value: Average balance for the reporting period (i) Individuals (ii) Non-individuals (b) If you maintain digital payment token accounts for the following persons resident in Singapore, please indicate the total value of such tokens held in all such accounts, as at end of the reporting period: Total balance as at end of the reporting period (i) Individuals (ii) Non-individuals (c) If you maintain digital payment token accounts for the following persons resident outside of Singapore, please indicate the average, over the half-year period, in one month, of the value of such tokens held in any one account, after subtracting the bottom 10% and top 10% of accounts by value (i) Individuals (ii) Non-individuals

49 (d) If you maintain digital payment token accounts for the following persons resident outside of Singapore, please indicate the total value of such tokens held in all such accounts, as at end of the reporting period: (i) Individuals (ii) Non-individuals [MAS Notice PSN04 (Amendment) 2024] 5 Types of Digital Payment Tokens Name of digital payment token Total value of transactions for the reporting period Total number of transactions for the reporting period (a) List of top 5 digital payment tokens transacted (whether bought, sold or exchanged or received for safeguarding or administration) by: (i) Value 1 … 5 (ii) Number of transactions 1 … 5 (b) List of top 5 digital payment tokens purchased in SGD by: (i) Value 1 … 5 (ii) Number of transactions 1 … 5 (c) List of top 5 digital payment tokens purchased in non-SGD (foreign currency or other digital payment token) by: (i) Value 1 … 5

50 (ii) Number of transactions 1 … 5 (d) List of all transacted digital payment tokens assessed to be of higher risk of money laundering and terrorist financing 1 2 … Account statistics Name of digital payment token Total value as at the end of the reporting period (e) List of top 5 digital payment tokens held in all digital payment token accounts by total value as at the end of the reporting period 1 … 5 (f) Total value of digital payment tokens held in all digital payment token accounts as at the end of the reporting period (g) List of all digital payment tokens assessed to be of higher risk of money laundering and terrorist financing held in all digital payment token accounts 1 2 … [MAS Notice PSN04 (Amendment) 2024]

51 6 Transactions assessed to be of higher risk for money laundering and terrorist financing Total value of transactions for the reporting period Total number of transactions for the reporting period (a) Transactions where digital payment tokens are sent to high-risk countries / jurisdictions (b) Transactions where digital payment tokens are received from high-risk countries / jurisdictions (c) Transactions where digital payment tokens are sent to DPT wallet addresses on which anonymity-enhancing technologies are applied (d) Exposure to digital payment tokens sent to DPT wallet addresses on which anonymity￾enhancing technologies are applied (e) Transactions where digital payment tokens are received from DPT wallet addresses on which anonymity-enhancing technologies are applied (f) Exposure to digital payment tokens received from DPT wallet addresses on which anonymity-enhancing technologies are applied [MAS Notice PSN04 (Amendment) 2024] 7 In relation to digital payment token services provided by the licensee, transactions that the licensee executes or arranges the execution of, on behalf of: Total number of accounts as at the end of the reporting period Total value of transactions for the reporting period Total number of transactions for the reporting period (a) higher risk customers who are politically exposed persons, or family members or close associates of politically exposed persons

52 (b) higher risk customers who are customers that do not fall within the scope of sub-paragraph (a) [MAS Notice PSN04 (Amendment) 2024] 8 Please provide the top 10 countries / jurisdictions, by total value of transactions, other than Singapore — Country / jurisdiction Total value of transactions for the reporting period (a) to which digital payment tokens are sent 1 2 … 10 Country / jurisdiction Total value of transactions for the reporting period (b) from which digital payment tokens are received 1 2 … 10 [MAS Notice PSN04 (Amendment) 2024] 9 Correspondent account services Total number of accounts as at the end of the reporting period Total value of transactions for the reporting period Total number of transactions for the reporting period Where the licensee provides correspondent services accounts or other similar services [MAS Notice PSN04 (Amendment) 2024]

53 Instructions for completion of Forms 6A and 6B

1. For the purpose of calculating any Singapore dollar equivalent of the “Total value of transactions for the reporting period” in paragraph 1 of Form 6A and paragraphs 1, 2, 3, 5, 6, 7, 8 and 9 of Form 6B, the licensee must apply the exchange rate prevailing on the day the transaction is entered into (a) as published by the licensee, as the case may be, in the course of its business; (b) offered by the licensee, as the case may be, to its customer in relation to the transaction; or (c) as determined by the licensee, as the case may be, only if the licensee does not publish or offer an exchange rate. [MAS Notice PSN04 (Amendment) 2024] 1A. For the purpose of calculating any Singapore dollar equivalent of the “Total value of digital payment tokens held for safeguarding and administration as at end of reporting period” in paragraph 1 of Form 6A and paragraph 1 of Form 6B, and “Total value as at the end of the reporting period” in paragraphs 5(e), 5(f), and 5(g) of Form 6B, the licensee must apply the exchange rate prevailing on the day of the end of the reporting period- (a) as published by the licensee, as the case may be, in the course of its business; (b) offered by the licensee, as the case may be, to its customer in relation to the transaction; or (c) as determined by the licensee, as the case may be, only if the licensee does not publish or offer an exchange rate. [MAS Notice PSN04 (Amendment) 2024] 1B. For the purpose of reporting paragraph 1(d) of Form 6B, “total value of digital payment tokens held for safeguarding or administration as at end of reporting period” refers to the Singapore dollar equivalent of the total value of digital payment tokens and digital payment token instruments placed with the licensee for the purposes of providing the services mentioned in paragraphs (f) to (i) of the definition of “digital payment token services”, as at end of the reporting period. [MAS Notice PSN04 (Amendment) 2024]

54 1C. For the purpose of reporting “Placement of digital payment tokens and digital payment token instruments for safeguarding” in paragraph 1(d)(i) of Form 6B, please report the digital payment tokens and digital payment token instruments received by the licensee for the purposes of providing any service mentioned in paragraphs (f) and (h) of the definition of “digital payment token service”. [MAS Notice PSN04 (Amendment) 2024] 1D. For the purpose of reporting “Withdrawal of any or all digital payment tokens and digital payment token instruments from safeguarding” in paragraph 1(d)(ii) of Form 6B, please report the digital payment tokens and digital payment token instruments received by the licensee for the purposes of providing any service mentioned in paragraphs (f) or (h) of the definition of “digital payment token service” at any time prior to the end of the reporting period, and for which the licensee has ceased to provide all services mentioned in paragraphs (f) or (h) of the definition of “digital payment token service” during the reporting period. [MAS Notice PSN04 (Amendment) 2024] 2. For the purpose of paragraphs 2(a) and (b) of Form 6B, the licensee must include transactions where the licensee provides the services of -- (a) accepting (whether as principal or agent) digital payment tokens from one digital payment token account (whether in Singapore or elsewhere), for the purposes of transmitting, or arranging for the transmission of, the digital payment tokens to another digital payment token account (whether in Singapore or elsewhere); and (b) arranging (whether as principal or agent) for the transmission of digital payment tokens from one digital payment token account (whether in Singapore or elsewhere), to another digital payment token account (whether in Singapore or elsewhere). [MAS Notice PSN04 (Amendment) 2024] 2A. “Digital payment token service provider” in paragraphs 2(a), 2(b) and 2(c) of Form 6B means a person that provides digital payment token service. [MAS Notice PSN04 (Amendment) 2024]

55 3. For the purposes of reporting on “persons resident in Singapore” in paragraph 3(a) and 4 of Form 6B, and “persons resident outside Singapore” in paragraph 3(b) of Form 6B: (a) a person is resident in Singapore if the payment service provider has determined that the person is resident in Singapore based on evidence of the person’s actual residency in Singapore including the person’s Singapore residential address, Singapore phone number, Singapore business registration or incorporation in Singapore; (b) a person is resident outside Singapore if the payment service provider has determined that the person is resident outside Singapore based on – (i) evidence of the person’s actual residency outside Singapore including the person’s residential address outside Singapore, overseas phone number, business registration or place of incorporation outside Singapore; or (ii) a lack of evidence of the person’s actual residency in Singapore. [MAS Notice PSN04 (Amendment) 2024] 3A. For the purposes of reporting the “total number of transactions executed from, by way of or through these accounts for the reporting period” and “total value of transactions executed from, by way of or through these accounts” in paragraph 3 of Form 6B, the licensee must report all transactions which are executed for a customer using the account issued to the customer by the licensee in relation to the licensee’s provision of digital payment token services, excluding transfers from such account to any payment account of the customer. For this purpose, "payment account" has the same meaning as in section 2(1) of the Act. [MAS Notice PSN04 (Amendment) 2024] 3B. For the purposes of paragraphs 3 and 4 of Form 6B, a digital payment token account that is “maintained” refers to a digital payment token account that (i) is issued by the licensee to a customer and (ii) is not closed. [MAS Notice PSN04 (Amendment) 2024] 4. For the purpose of reporting in paragraph 4 of Form 6B, please use the formula: Average balance for the reporting period = (X for month 1 + X for month 2 + … + X for month 6) ÷ 6 where X = Month-end average value of digital payment tokens in accounts of all persons resident in Singapore, less top 10% and bottom 10% of accounts by value of digital payment tokens. [MAS Notice PSN04 (Amendment) 2024]

56 4A. For the purposes of determining the value and number of transactions for the “list of top 5 digital payment tokens transacted (whether bought, sold, exchanged or received for safeguarding or administration)” in paragraph 5(a) of Form 6B, where two or more transactions are facilitated by a licensee, and the transactions relate to the same digital payment token, the licensee should count the transactions as a single transaction, and should report the value of such transaction once1 . [MAS Notice PSN04 (Amendment) 2024] 5. “Digital payment tokens assessed to be of higher risk of money laundering and terrorist financing” in paragraph 5(d) and 5(g) of Form 6B refers to digital payment tokens that are determined by the payment service provider to present a higher risk for money laundering or terrorism financing through – (a) its assessment of money laundering and terrorism financing risks of its products, services, transactions and delivery channels, as required by paragraph 4.1(d) of MAS Notice PS-N02; and (b) its implementation of policies, procedures and controls as required by paragraph 4.3(a) of MAS Notice PS-N02. 6. “High risk countries / jurisdictions” in paragraph 6 of Form 6B refers to countries or jurisdictions that are determined by the payment service provider in the course of its implementation of appropriate internal risk management systems, policies, procedures and controls as required by paragraph 8.5 of MAS Notice PS-N02 to present a higher risk for money laundering or terrorism financing. For the purposes of paragraph 6 of Form 6B, – (a) the “total value of transactions for the reporting period” refers to the sum, in Singapore dollars, of the value of all transactions, across all digital payment token services provided to customers, that were sent to or received from high risk countries / jurisdictions, for the reporting period; and (b) the “total number of transactions for the reporting period” refers to the total number of transactions, across all digital payment token services provided to customers, that were sent to or received from high risk countries / jurisdictions, for the reporting period. [MAS Notice PSN04 (Amendment) 2024] 1 For example, where a digital payment token is bought or exchanged by a licensee on behalf of a customer, whether in exchange for any money or any other digital payment token, and immediately placed in safeguarding or administration with the licensee.

57 6A. “Anonymity-enhancing technologies” in paragraph 6 of Form 6B refers to technologies or mechanisms that obfuscate the true identities of the sender, recipient, or holder of a digital payment token2 . [MAS Notice PSN04 (Amendment) 2024] 6B. For the purposes of reporting transactions in 6(c) and 6(e), the licensee must include: (i) transactions where the digital payment tokens were directly sent to or received from DPT wallet addresses on which anonymity-enhancing technologies are applied, and (ii) transactions where digital payment tokens were indirectly sent to or received from DPT wallet addresses on which anonymity-enhancing technologies are applied, through more than one hop, which the licensee has determined to present a higher risk of money laundering or terrorism financing. [MAS Notice PSN04 (Amendment) 2024] 6C. In reporting the “Exposure to digital payment tokens sent to DPT wallet addresses on which anonymity-enhancing technologies are applied” and “Exposure to digital payment tokens received from DPT wallet addresses on which anonymity￾enhancing technologies are applied” in paragraphs 6(d) and 6(f) above, the licensee must compute the exposure to digital payment tokens sent to or received indirectly by the licensee to or from DPT wallet addresses on which anonymity-enhancing technologies are applied, through more than one hop, as a proportion of the total digital payment tokens sent to or received directly by the licensee, assuming that the digital payment tokens from the DPT wallet addresses on which anonymity-enhancing technologies are applied are comingled with the digital payment tokens of the other wallets they are sent to or received from. E.g. $50 of DPT from known mixer/tumbler service sent to wallet A now containing $500 of DPT ($50 + $450), of which $100 of DPT were sent directly to licensee. The licensee may report $100 under “Total value of transactions for the reporting period” for 6(e), and $10 for exposure under 6(f) ($50/$500 x $100 = $10). If $50 in DPT was received 2 Such technologies include, but not limited to, the following: • Privacy wallets, which are also known as mixing-enabled wallets, Privacy wallets work by combining the transactions of multiple users into a single transfer. Such privacy wallets obscure the true DPT wallet address(es) from which the DPTs were originally transferred from and make such transactions difficult to trace. • Mixers and tumblers, which are technologies or mechanisms which allow users to commingle their DPTs, obscure the true DPT wallet addresses from which the DPTs were originally transferred from and make such transactions difficult to trace. Licensees should monitor for unusual customer behaviour, including but not limited to the use of internet protocol anonymizers that obfuscates such customer’s physical location. Where the licensee becomes aware of the use of internet protocol anonymizers such as The Onion Router, the Invisible Internet Project and other similar anonymizing software or anonymity enhancements, the licensee should also report this under paragraph 6 of Form 6B.

58 directly from a known mixer/tumbler, the licensee should report $50 in both 6(e) and 6(f). [MAS Notice PSN04 (Amendment) 2024] 7. “AML/CFT” and “FATF” have the same meaning as in paragraph 2.1 of MAS Notice PS-N02. 8. A “Politically exposed person”, “family member” and “close associate” in paragraph 7(a) of Form 6B and paragraph 9 of Instructions for Completion of Forms 6A and 6B, are respectively defined in paragraph 8.1 of MAS Notice PS-N02. [MAS Notice PSN04 (Amendment) 2024] 9. “Higher risk customers” in paragraph 7 of Form 6B refers to, in respect of customers whom the payment service provider provides a digital payment token service to, customers that are determined by the payment service provider from its implementation of appropriate internal risk management systems, policies, procedures and controls in accordance with paragraph 8.5 of MAS Notice PS-N02 to present a higher risk for money laundering or terrorism financing, including but not limited to customers described in paragraph 8.6 of MAS Notice PS-N02 and a “politically exposed person”, or a “family member” or “close associate” of a “politically exposed person”. [MAS Notice PSN04 (Amendment) 2024] 10. “Safeguarding” in Forms 6A and 6B refer to limbs (f) and (h) of the definition of “digital payment token service” in Part 3 of the First Schedule to the Act. “Administration” in Forms 6A and 6B refer to limbs (g) and (i) of the definition of “digital payment token service” in Part 3 of the First Schedule to the Act. [MAS Notice PSN04 (Amendment) 2024] 11. “Correspondent account services” in paragraph 9 of Form 6B is defined in paragraph 12.2 of MAS Notice PS-N02. [MAS Notice PSN04 (Amendment) 2024] 12. For the purposes of reporting the total value of transactions for the reporting period and total number of transactions for the reporting period in paragraph 1(f) of Form 6A, the licensee must include transactions where inducement or attempts to induce were followed by the buying or selling of any digital payment tokens in exchange for any money or any other digital payment token has been processed or executed. [MAS Notice PSN04 (Amendment) 2024]

59 13. For the purposes of reporting the name of digital payment token in paragraph 5(a)(i), 5(a)(ii), 5(b)(i), 5(b)(ii), 5(c)(i), 5(c)(ii), 5(d), 5(e), and 5(g) of Form 6B, the licensee must indicate the commonly referenced ticker or symbol of the digital payment token (e.g. BTC, ETH, XRP, DOGE). [MAS Notice PSN04 (Amendment) 2024]

60 Form 7 – Money-Changing service (annual submission)

1. Purchase / sale of foreign currency notes from / to Total value of purchase of foreign currency notes for the reporting period Total value of sale of foreign currency notes for the reporting period (a) Money-changers in Singapore (b) Money-changers outside Singapore (c) Natural persons (d) other persons (includes any company or association or body of persons, corporate or unincorporated) Total Commission, charges, & fees
2. Payment transactions above S$5,000 Purchase of foreign currency notes for the reporting period Sale of foreign currency notes for the reporting period (a) Total value of payment transactions (b) Total number of payment transactions

61 3. Payment transactions with higher risk customers Total value of purchase of foreign currency notes for the reporting period Total value of sale of foreign currency notes for the reporting period (a) Total value of payment transactions (b) Total number of payment transactions 4. Top 10 currencies traded during the reporting period Foreign currencies Total value of purchase of foreign currency notes for the reporting period (a) Total value of foreign currencies purchased 1 … 10 Foreign currencies Total value of sale of foreign currency notes for the reporting period (b) Total value of foreign currencies sold 1 … 10

62 Instructions for completion of Form 7

1. For the purposes of calculating any Singapore dollar equivalent of both the “Total value of purchase of foreign currency notes for the reporting period” and “Total value of sale of foreign currency notes for the reporting period” in paragraphs 1, 2, 3, and 4 of Form 7, the licensee must, on a per payment transaction basis— (a) apply the exchange rate offered by the licensee to the customer for that payment transaction; (b) where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution, apply the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution under section 23 of the Act, on the date the payment transaction is entered into; or (c) where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub-paragraph (b) is not available, apply the applicable exchange rate that has been published by any bank in Singapore on the date the payment transaction is entered into.
2. “Money-changers in Singapore” in paragraph 1(a) of Form 7 refers to a licensee that has in force a licence that entitles the person to carry on a business of providing money-changing services.
3. “Money-changers outside Singapore” in paragraph 1(b) of Form 7 refers to a person that provides money-changing services outside of Singapore.
4. “Higher risk customers” in paragraph 3 of Form 7 refers to customers that are determined by the payment service provider from its implementation of appropriate internal risk management systems, policies, procedures and controls in accordance with paragraph 9.6 of PS-N01 to present a higher risk for money laundering or terrorism financing, including but not limited to customers described in paragraphs 9.7 of MAS Notice PS-N01 and a “politically exposed person”, or a “family member” or “close associate” of a “politically exposed person” within the meaning of paragraph 9.1 of PS￾N01.
5. For the purposes of reporting information relating to “Payment Transactions with higher risk customers” in paragraph 3 of Form 7, a licensee must exclude payment transactions which are “specified money-changing transactions”, as defined in paragraph 2.1 of MAS Notice PS-N01.

63 Form 8 – Safeguarding (monthly submission) 1 Relevant moneys Day Daily balance Daily total amount of relevant moneys for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services 1 2 … 30 31 2 Relevant moneys Day Daily balance Daily total amount of relevant moneys for the purposes of e-money issuance services 1 2 … 30 31 3 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 1 Where relevant moneys are safeguarded by a guarantee from a safeguarding institution (a) Name of safeguarding institution 1 Day Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1 2 … 30 31 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 2 (b) Name of safeguarding institution 2 Day Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services

64 1 2 … 30 31 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 3 (c) Name of safeguarding institution 3 Day Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1 2 … 30 31 4 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 1 Where relevant moneys are safeguarded by an undertaking from a safeguarding institution (a) Name of safeguarding institution 1 Day Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1 2 … 30 31 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 2 (b) Name of safeguarding institution 2 Day Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1

65 2 … 30 31 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 3 (c) Name of safeguarding institution 3 Day Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1 2 … 30 31 5 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 1 Where relevant moneys are safeguarded by depositing the relevant moneys in a trust account maintained with a safeguarding institution (a) Name of safeguarding institution 1 Day Amount of daily balance in trust account Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1 2 … 30 31 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 2 (b) Name of safeguarding institution 2 Day Amount of daily balance in trust account Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border Total relevant moneys received by the licensee for the purposes of e-

66 money transfer services, and merchant acquisition services money issuance services 1 2 … 30 31 Daily amount of Relevant moneys received by the licensee and safeguarded by safeguarding institution 3 (c) Name of safeguarding institution 3 Day Amount of daily balance in trust account Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services Total relevant moneys received by the licensee for the purposes of e￾money issuance services 1 2 … 30 31 6 Changes in safeguarding arrangements Type of Safeguarding arrangement Safeguarding institution Effective date (a) Commencement of new safeguarding arrangement

Type of Safeguarding arrangement Safeguarding institution Effective date (b) Discontinuation of existing safeguarding arrangement

67 Instructions for completion of Form 8

1. “Relevant moneys” in paragraphs 1 and 2 of Form 8 has the same meaning as in section 23(14) of the Act.
2. For the purposes of calculating any Singapore dollar equivalent of the “Daily total amount of relevant moneys for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services” in paragraph 1 of Form 8, “Daily total amount of relevant moneys for the purposes of e-money issuance services” in paragraph 2 of Form 8, “Total relevant moneys received by the licensee for the purposes of domestic money transfer services, cross border money transfer services, and merchant acquisition services” in paragraphs 3, 4, and 5 of Form 8, and “Total relevant moneys received by the licensee for the purposes of e-money issuance services” in paragraphs 3, 4, and 5 of Form 8, the licensee must on a per payment transaction basis— (a) apply the exchange rate offered by the licensee to the customer for that payment transaction; (b) where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution, apply the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution under section 23 of the Act, on the date the payment transaction is entered into; or (c) where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub-paragraph (b) is not available, apply the applicable exchange rate that has been published by any bank in Singapore on the date the payment transaction is entered into.
3. Please report all safeguarding arrangements that were in effect during the reporting period, as appropriate, under paragraphs 3, 4, or 5 of Form 8.
4. For the purposes of calculating any Singapore dollar equivalent of the “Amount of daily balance in trust account” in paragraph 5 of Form 8, the licensee must— (a) apply the applicable daily exchange rate that is published by the safeguarding institution which safeguards, under section 23(2) or (4) of the Act, and that which the trust account is being maintained with on the day which is being reported; or (b) where (a) is not available, apply the applicable daily exchange rate that has been published by any bank in Singapore on the day which is being reported.

68 5. “Safeguarding institution” in Form 8 has the same meaning as in section 23(14) of the Act. 6. If there has been a change in the safeguarding arrangement during the reporting period, please report the change in the safeguarding arrangement, as appropriate, in paragraph 6 of Form 8. A change in the safeguarding arrangement refers to any of the following: (a) the commencement of a new safeguarding arrangement; or (b) the discontinuation of an existing safeguarding arrangement.

69 Form 9 – Profit / Loss Statement and Capital (annual submission) A Profit / loss for the calendar year Total amount 1 Income (a) Commission, charges & fees earned (b) Foreign exchange gain / loss (c) Other income 2 Expenditure (a) Commission, charges & fees paid (b) Staff costs (c) Other expenses 3 Profit / loss before tax [MAS Notice PSN04 (Amendment) 2024] B. Capital as at end of calendar year Total balance (a) Base capital (b) Net head office funds (where licensee is a foreign company) [MAS Notice PSN04 (Amendment) 2024]

70 Instructions for completion of Form 9

1. “Base capital” in paragraph B (a) of Form 9 has the same meaning as in regulation 2 of the Payment Services Regulations.
2. “Net head office funds” in paragraph B (b) of Form 9 has the same meaning as regulation 2 of the Payment Services Regulations.
3. A holder of a money-changing licence need not complete paragraph B of Form 9.
4. Paragraphs A and B of Form 9 should be reported on a legal entity basis. [MAS Notice PSN04 (Amendment) 2024]