As a payment service provider licensee, you are required to put in place systems, policies and procedures, on an ongoing basis, to fulfil all applicable requirements set out under the Payment Services Act 2019 (“PS Act”) and other relevant legislation to your business.
You should also keep abreast of regulatory changes. Refer to the table to find out what these requirements are.
| Requirements | What it Entails |
| Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements |
You must comply with the AML/CFT requirements as set out in the following notices:
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| Periodic returns | You must submit periodic regulatory returns in relation to your payment service activities, in accordance with the Payment Services Regulations (PSR). The requirements are set out in the Notice on Submission of Regulatory Returns [PSN04]. |
| Cyber hygiene | You must comply with the cyber hygiene requirements as set out in the Notice on Cyber Hygiene [PSN06] and put in place appropriate safeguards to protect customer information. |
| Business conduct |
You must comply with business conduct requirements in the PS Act, the PSR and the Notice on Conduct [PSN07].
These obligations include all of the following:
You must also ensure that you comply with all prohibitions and restrictions, including personal payment account stock and flow restrictions, as well as prohibited business activities. |
| Disclosures and communications |
You must:
You should also ensure that customers receive timely updates regarding any material changes to the disclosures. |
| Annual audit requirements | You must, on an annual basis, appoint an auditor to carry out an audit of your accounts and transactions, and comply with regulations and requirements. The auditor must submit the report to MAS in accordance with Form 4. |
| Forms for Payment Service Providers |
Where necessary, you must submit the following forms to MAS:
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Note: It is an offence for payment services licensees to do any of the following under the PS Act:
- Grant credit facilities to individuals.
- Lend any customer money.
- Use any customer’s money or interest earned to materially or wholly finance their business.
If your business engages in any of these activities, you should review your business for compliance with the PS Act before applying for a payment service licence or seek legal advice if necessary.
You may also refer to Section 20 of the PS Act for more details.