AML/CFT Notice to SVF Holders
Stored value facilities (SVFs) or electronic money are means for making
immediate and convenient payments for retail purchases. However,
unlike traditional bank accounts, persons who purchase and use
SVFs are often not required to provide any identification information.
The convenience and anonymity of SVF transactions make SVFs
possible vehicles for money laundering and terrorist financing. Given
this risk, MAS issued "Notice to Holder of SVF - Prevention of Money
Laundering and Countering the Financing of Terrorism" on 12 November
2007 requiring SVF holders to take preventive measures to limit the
risk of SVFs being used for illegitimate purposes.