Proposed Amendments to the Payments Services Act 2019

10 Nov 2020

The Monetary Authority of Singapore (“MAS”) has responded to feedback received on its public consultation on proposed amendments to the Payment Services Act (No. 2 of 2019) (“PSA”) in relation to (a) anti-money laundering and countering the financing of terrorism, and (b) other amendments in respect of digital payment token (“DPT”) services.

This update highlights the key amendments proposed to the PSA in relation to: (a) DPT activities; (b) cross-border and domestic money transfer services; and (c) the expansion of MAS’ powers to impose measures on certain DPT service providers.

Please click here to read the update.