Payment Services Act
The Payment Services Act 2019 ("PS Act") provides for the licensing and regulation of payment service providers and the oversight of payment systems in Singapore. The PS Act has commenced on 28 January 2020.
Payment service providers operating in Singapore are regulated under the PS Act, unless exempted under specific conditions set out in the PS Act (for example, if their payment services fall under those listed in Part 2, First Schedule of the PS Act) or for specific payment services for a specified period under the Payment Services (Exemption for Specified Period) Regulations 2019 ("Exemption Regulations") .
- To view the list of entities temporarily exempted under Exemption Regulations, please refer to the exempted list.
- To view the list of entities that were previously granted an exemption but are currently no longer exempt under the Exemption Regulations, please refer to this list.
- To view the list of licensed payment service providers in Singapore, please refer to the Financial Institutions Directory.
- To view the list of persons who, based on information available to MAS, may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS, refer to the Investor Alert List.
Credit Bureau Act
Credit bureaus are regulated under the Credit Bureau Act 2016 (“CBA”). Licensed credit bureaus collect, use and disclose information relevant to the assessment of credit worthiness of borrowers from banks and other financial institutions which are their members.
Resources
Repealed regulations with the commencement of the Payment Services Act - Access the repealed documents under the Money-changing and Remittance Businesses Act and Payment Systems (Oversight) Act
FAQs on the Payment Services Act - Access the FAQs on the Payment Services Act
What's New
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Circular on ensuring effective detection of sanctions-related risks
This circular sets out additional guidance that financial institutions (FIs) should consider in order to ensure that they have robust processes in place to effectively detect and manage sanctions-related risks. Specifically, FIs need to maintain strong Board and Senior Management oversight over sanctions-related risks,...
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Strengthening AML/CFT controls on risks of misuse of legal persons/arrangements and complex structures
This paper sets out typologies, case studies as well as supervisory expectations of effective AML/CFT controls to detect and mitigate risks associated with the misuse of legal persons/arrangements and complex structures. This paper follows from MAS’ inspections of FIs and supplements the existing guidance on (a)...
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Industry Perspectives on Best Practices – Management of Money Laundering, Terrorism Financing and Sanctions Risks from Customer Relationships with a Nexus to Digital Assets
This paper is produced by the ACIP working group on Digital Assets Risk Management. It aims to provide financial institutions (FIs) with a foundational framework to advance understanding and management of money laundering (ML), terrorism financing (TF) and sanctions risks arising from customer relationships with nexus to digital assets in the Singapore context. It also highlights “red flags” and best practices that FIs could adopt to identify, manage and mitigate the associated ML, TF and sanctions risks.
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FSM-N01 Notice on Submission of Returns by Notified Entities
This Notice applies to all entities which were granted an exemption to provide specified payment services under the Payment Services (Exemption for Specified Period) Regulations 2019 (“Exemption Regulations”). The Notice sets out the reporting of information related to the payment services the entity is providing under the Exemption Regulations.
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Strengthening Financial Institutions’(FIs) Countering the Financing of Terrorism (CFT) Controls
MAS conducted an industry-wide survey of CFT-related controls, and followed up with a series of thematic reviews to assess FIs’ TF risk understanding and examine the effectiveness of their CFT-related controls. This paper sets out MAS’ key observations, and highlights our supervisory expectations that FIs should review...