Regulatory Alerts2024-04-02
Added · Updated
PSN08 Notice on Disclosures and Communications
The Monetary Authority of Singapore requires licensees and exempt payment service providers to disclose specific risk warnings to customers and potential customers regarding the lack of deposit protection and the risk of loss if the provider's business fails. Standard payment institutions, major payment institutions providing delayed money-changing services or issuing non-specified e-money, exempt payment service providers, and digital payment token service providers must use mandated statements that are clear, conspicuous, and provided prior to service usage or transaction entry. Licensees must also ensure accurate representations of their regulatory scope, clarify their status within corporate groups, and ensure third-party solicitors include these disclosures in all offers and advertisements. The notice applies to entities regulated under the Payment Services Act 2019 and took effect on 28 January 2020, with amendments effective from 4 April 2024.
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