AML/CFT for crypto service providers
How do providers of digital payment token (DPT) dealing or exchange services in Singapore meet AML/CFT requirements under the PSA?
MAS has issued the PS Notice 02 to Payment Services Providers of Digital Payment Token Services. This notice have taken effect from 28 January 2021 and applies to licensees which carry on business of providing digital payment token services.
Key requirements under the Notice:
i. Identify, assess and understand the ML/TF risks
ii. Develop and implement policies, procedures and controls for the effective management of such risks
iii. Enhanced measures should be performed where higher ML/TF risks are identified
iv. Monitor the implementation of policies, procedures and controls, and enhancing them if necessary
v. Report to MAS upon discovery of any suspicious activities or incidents of fraud