Payment Services Act updates – Payment Services Bill
The Monetary Authority of Singapore (MAS) recently released an infographic setting out recent international developments and MAS’ supervisory expectations on anti-money laundering / countering the financing of terrorism (AML/CFT) controls for the Digital Payment Token (DPT) sector operating under the Payment Services Act (PSA).
The Payment Services Act came into force in January 2020. It was released on 4th January 2021 that the Payment Services Act will be read for a second time to make further changes to keep up with evolving innovation and technology, and emergence of new business models in the payment services space.
Response to Feedback Received on Monetary Authority of Singapore Consultation Paper on the Payment Services Act 2019: Proposed Amendments to the Act
Monetary Authority of Singapore (“MAS”) released a consultation paper on 23 December 2019 on proposed changes to the Payment Services Act 2019 (“Payment Services Act”). The consultation paper closed on 28 January 2020 and MAS has released comments on responses received from the industry.
New Payment Services Act (“Act”) came into effect 28 January 2020. Along with the Act, the Monetary Authority of Singapore (“MAS”) has introduced several notices and guidelines to be adhered to by Payment Services Licence Holders (“regulated entities”).
Introduction Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and it streamlines payment services regulatory framework under a single piece of legislation. MAS has introduced 2 parallel regulatory frameworks.
As Singapore’s new Payment Services Act came into effect in January 2020, Argus Global hosted a timely event to discuss the Payment Services Act Updates, the scope of regulated payment services and steps to be taken by firms who are or need to be regulated under PSA.