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
This Notice sets out the application of AML/CFT Notices to persons exempt under section 13(1) of the Payment Services Act 2019 (Act 2 of 2019) in relation to the provision of payment services for a specified product that involves account issuance, domestic money transfer and e-money issuance services.
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...