Guidelines for payment service providers on Notice PSN01 for the prevention of money laundering and countering the financing of terrorism
Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services
Payment service providers are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system.
Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction.
The AML/CFT requirements for payment service providers can be found in this notice, which include the following:
- Risk assessment and risk mitigation.
- Customer due diligence.
- Reliance on third parties.
- Correspondent accounts and wire transfers.
- Record keeping.
- Suspicious transaction reporting.
- Internal policies, compliance, audit and training.