AML/CFT for Custodian Wallet
AML/CFT requirements for custodian wallet services
If a custodian wallet service provides any of the activities currently regulated under DPT service provider, it will be subject to AML/CFT measures.
According to MAS (FAQs)
last revised on 31 March 2021
29.2 All DPT service providers are subject to AML/CFT requirements under Notice PSN02 to mitigate the ML/TF risks arising from the anonymity, speed and cross-border nature of transactions facilitated by such DPT service providers. There will not be any DPT services that will be exempted from AML/CFT regulation.
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31.4 Where DPT service providers also facilitate the transfer of DPT or provide custodian wallet services as part of their business, MAS intends to require that they apply AML/CFT measures to mitigate the risks posed by such services.