Strengthening AML/CFT controls of digital payment token service providers
01 Apr 2021
The Monetary Authority of Singapore (MAS) has published a guidance infographic setting out an overview of MAS’ anti-money laundering requirements, and related supervisory expectations for the Digital Payment Token (DPT) sector (Infographic). The Infographic is intended to raise industry awareness among DPT service providers of money laundering and terrorism financing (ML/TF) risks in the sector, and to provide additional information to such service providers to support their implementation of effective controls.
This update highlights key elements in the Infographic pertaining to: (a) Financial Action Task Force (FATF) standards and recent developments; (b) ML/TF risks in the DPT sector; and (c) an overview of MAS’ AML/CFT requirements and expectations for the DPT sector.
Please click here to read the update.