FAQs - Payment Services Act 2019
Provides clarifications to some frequently asked questions on the Payment Services Act.
Acts
Payment Services Act
The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. Parliament passed the PS Act on 14 January 2019. You may find further information on the PS Act below:
- Payment Services Act
- New Regulatory Framework to Enhance Payment Services in Singapore
- Explanatory Brief on the Payment Services Bill
- Second Reading Speech by Min Ong Ye Kung For the Payment Services Act
- Consultation on Proposed Payment Services Bill MAS P0212017 (885 KB)
- Response to Feedback Received on Proposed Payment Services Bill MAS P0212017 (795.3 KB)
Related to this Item
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ConsultationsPublished Date: 23 December 2019
Consultation on the Payment Services Act 2019: Proposed Amendments to the Act
A consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT, and other amendments in respect of digital payment token service and certain technical amendments.
- Consultation number:
- P017-2019
- Start date:
- 23 December 2019
- Closing date:
- 28 January 2020
- MAS response date:
- 04 November 2020
- Status:
- Responded
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NoticesPublished Date: 05 December 2019
PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism - Exempt Payment Service Providers
Notice to exempt payment service providers on the application of anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to the provision of payment services for specified products
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NoticesPublished Date: 05 December 2019
PSN01A Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019
Anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to facilitate the transition of existing stored value facility holders
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NoticesPublished Date: 05 December 2019
PSN03 Notice on reporting of suspicious activities and incidents of fraud
Notice issued under the Payment Services Act 2019 on regulated entities’ obligation to report suspicious activities and incidents of fraud.
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NoticesPublished Date: 05 December 2019
Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service
Requirements for digital payment token service providers on anti--money laundering (AML) and countering the financing of terrorism (CFT)
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NoticesPublished Date: 05 December 2019
Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services
Requirements for payment service providers (other than a digital payment token service provider) on anti-money laundering (AML) and countering the financing of terrorism (CFT)
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ConsultationsLast Revised Date: 05 December 2019
Consultation Paper on Proposed Payment Services Regulations
This consultation sets out MAS’ proposed regulations and order applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act.
- Consultation number:
- P005-2019
- Start date:
- 10 April 2019
- Closing date:
- 10 May 2019
- MAS response date:
- 05 December 2019
- Status:
- Responded
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ConsultationsLast Revised Date: 05 December 2019
Consultation Paper on Proposed Payment Services Notices and Guidelines
This consultation sets out MAS’ proposed notices and guidelines applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act.
- Consultation number:
- P012-2019
- Start date:
- 05 July 2019
- Closing date:
- 05 August 2019
- MAS response date:
- 05 December 2019
- Status:
- Responded
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ConsultationsPublished Date: 06 June 2019
Consultation Paper on the Proposed Payment Services Notices on Prevention of Money Laundering and Countering the Financing of Terrorism
A consultation paper on new Notices to payment services providers on the prevention of money laundering and countering the financing of terrorism, which applies to 3 classes of licensees – Money-Changing licence, Standard Payment Institution licence, and Major Payment Institution licence.
- Consultation number:
- P010-2019
- Start date:
- 06 June 2019
- Closing date:
- 05 July 2019
- Status:
- Responded
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ConsultationsPublished Date: 20 November 2017
Consultation Paper on Proposed Payment Services Bill
This consultation sets out the proposed Payment Services Bill which MAS developed to streamline payment services under a single legislation and calibrate regulations according to the risks the activities pose by adopting a modular regulatory regime.
- Consultation number:
- P021 - 2017
- Start date:
- 20 November 2017
- Closing date:
- 08 January 2018
- MAS response date:
- 19 November 2018
- Status:
- Responded
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ConsultationsPublished Date: 25 August 2016
Proposed Activity-based Payments Framework and Establishment of a National Payments Council - First Consultation
This consultation sets out MAS’ proposals for an activity based payments framework and the establishment of a national payments council.
- Consultation number:
- P009 - 2016
- Start date:
- 25 August 2016
- Closing date:
- 31 October 2016
- MAS response date:
- 02 August 2017
- Status:
- Responded