Last Revised Date: 02 April 2024

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)

Digital payment token 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 digital payment token 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.

Amendment Notes

2 April 2024

MAS Notice PSN02 dated 2 April 2024 (343.8 KB) takes effect from 4 April 2024. 

2 April 2024

This MAS Notices PSN01, PSN02 (Cancellation) 2024 (112.4 KB) cancels Notice PSN02 (Amendment) 2022 (329.9 KB) with effect from 4 April 2024. 

1 March 2022

Notice PSN02 (Amendment) 2022 (341.6 KB) takes effect.

28 Jun 2021

Notice PSN02 (Amendment) 2021 (577.9 KB) takes effect.