New Notice on Submission of Returns for Exempt Entities – Payment Service Providers
When the Payment Services Act was first introduced, MAS permitted entities to be granted an exemption (“Notified Entities”) from holding a licence from the Payment Services Act for the specified payment services for a specified period. This enabled many firms to continue providing the specified payment services whilst waiting for the licence approval from MAS. The exemption ceases once the entity is granted the licence, the licence is rejected, or entities withdraw their licence application.
As of 1 June 2023, all entities who are granted the exemption to provide specified payment services under the Payment Services (Exemption for Specified Period) Regulations 2019, are required to comply with the FSM – N01 Notice on Submission of Returns by Notified Entities.
A Notified Entity is required to submit regulatory forms in respect of each payment service that the Notified Entity carried on as a business during the period 1 January 2022 to 31 December 2022 (inclusive of both dates) within 60 days from 1 June 2023.
Regulatory form requirements for payment service providers
|Payment Service||Required Submission|
|Account Issuance service||Form A1: Account Issuance service
Form A2: Account Issuance service
|Domestic Money Transfer service||Form B: Domestic Money Transfer service|
|Cross-border Money Transfer service||Form C: Cross-border Money Transfer service|
|Digital Payment Token service||Form D: Digital Payment Token service|
Submissions must be made to MAS via [email protected].
If you would like any more information on this topic or would like to speak to one of our team of experienced compliance professionals, please reach out to our APAC Compliance Solutions team today.